Saudi Arabia hikes most September oil prices to Asia
Business
Saudi Arabia said that the voluntary oil output cut of 1M BPD would be extended to include September
DUBAI (Reuters) - Top oil exporter Saudi Arabia has raised the prices for most of its crude to Asia in September after announcing an extension of its voluntary production cut for another month.
Saudi Arabia increased the official selling price (OSP) for September Arab light crude to Asia by 30 cents a barrel from August to $3.50 a barrel over the Oman/Dubai average, state oil giant Aramco said in a statement on Saturday.
The OSP to Europe was also hiked by $2 a barrel to $5.80 for September versus ICE Brent while to North America it was unchanged at $7.25 versus ASCI.
Saudi Arabia said on Thursday a voluntary oil output cut of one million barrels per day would be extended to include September, adding it could be extended beyond that or deepened.
The cut translates into a 9 million barrel per day (bpd)production figure for September.
