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Saudi Arabia increases Aug Arab Light crude oil OSP for Asia to the highest level in four months

Saudi Arabia raised its official selling price of its flagship Arab Light crude to Asia in August by $2.20 over the Oman/Dubai median, according to a pricing document published on Sunday by Saudi oil giant Aramco.

The price of Arab Light in August is $1 higher than the price in July and the highest price since April when it was $3.50 more expensive than the average price for Oman/Dubai.

Documents show that the Gulf Kingdom set its official August Arab Light selling price for Northwest Europe at $4.65 over ICE Brent, and the U.S. market at $3.90 over ASCI.

The price of Arab Extra Light barrels was raised by $1.30 per barrel in August, and the price of Arab Heavy by $.90.

These moves follow a decision by eight OPEC+ member countries to increase production in August by 548,000 barrels a day, accelerating the output growth.

Fears of disruptions in supply caused oil prices to spike after a 12-day air battle between Iran and Israel. After a ceasefire, prices returned to their previous levels.

A survey conducted last week revealed that respondents expected Saudi OSPs to closely track the spot markets.

(source: Reuters)