Saudi Arabia hikes July crude prices surprisingly high for Asia buyers
OPEC agrees to cut production for first time in a year after oil price slump
SaudiArabia, the world's top oil exporter, raisedJulycrudeoilpricesforAsianbuyerstohigher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer.
The official selling price (OSP) forJuly-loading Arab Light toAsiawas hiked by $2.1 a barrel from June to $6.5 a barrel over Oman/Dubai quotes, just off an all-time-highrecorded in May.
That was muchhigher than most market forecasts for an increase around $1.5. Only one respondent of six in a Reuters poll had predicted a jump of $2.
"The price jump is unexpected, especially the Arab Light. We are puzzled by the decision," said anAsian oil trader.
The hike by state oil producerSaudiAramco came despite an agreement by OPEC+ states to boost output by 648,000 barrels per day (bpd) inJulyand a similar amount in August in an effort to offset Russian supply losses. That compares with an initial plan to add 432,000 bpd a month over three months until September.
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Watch |Saudi Arabia raises the official selling price of oil
But the increases have been divided across member countries including Russia and states such as Angola and Nigeria which struggle to meet their targets, leading to fears that the actual boost to supply may fall short of official plans.
Countries in the northern hemisphere, such as the United States, typically kick off their driving seasons inJulysending demand for gasoline surging. China, the world's No.1 oil importer, is also re-opening some cities such as Shanghai after lengthy COVID-19 lockdowns.
"Demand is also very strong in this cycle andSaudican afford to hike OSPs," said anotherAsian oil trader.
Some demand forSaudioil could be countered by persistent flows of Russian oil to China and India, which have refused to condemn Moscow for the invasion of Ukraine and have been ramping up purchases of Russian cargos at bargainprices.
Moscow says it is carrying out a "special military operation" to disarm Ukraine and protect it from fascists. Ukraine and Western countries dismiss Russia's claims as a pretext to invade.
SaudiAramco on Sunday night also raised its OSP for European and Mediterraneanbuyers, but kept USdifferentials unchanged.
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