Riyadh to raise oil prices for Asia, US in September

Saudi Arabia will raise oil prices for Asia and the US and lower them for European buyers.

In September, Saudi Arabia will raise oil prices for Asian and US consumers, the press service of the state-owned Saudi Aramco reports.

Riyadh is raising oil prices for Asia for the second month in a row. The company added that Arab Light oil will rise in price by $1 per barrel from September.

Arab Light will cost $3.2 more than the Oman/Dubai oil benchmarks. Arab Light is the main grade of oil that Riyadh supplies to Asia.

The press service emphasized that all grades of oil will become more expensive for US buyers. It is specified that their cost will increase by $0.3 per barrel.

At the same time, Saudi Aramco stated that for the countries of Northwestern Europe and the Mediterranean, oil prices will fall by $1.3 per barrel.