Saudi Arabia to increase prices for most grades of oil

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Saudi Arabia will raise prices for most types of oil for Asian buyers in July, state-owned Saudi Aramco said.

Report informs that the price of the main grade of oil supplied to Asia – Arab Light – will rise by $0.2 per barrel. As a result, it will cost $1.9 per barrel more than an oil basket from Oman and Dubai.

Arab Heavy will drop in price by $0.1 per barrel. Oil prices for US buyers will not change. For the countries of northwestern Europe – the prices will go up by $0.6-$1.4 per barrel, and for the Mediterranean countries, the increase will be around $0.4-$1.1 per barrel.