Saudi Arabia raises oil costs for Asia: tight provide & anticipated surge in Indian demand

Saudi Arabia raised its official promoting costs (OSPs) for September crude deliveries to Asia for the second consecutive month, citing tight provide and powerful regional demand. The value of its flagship Arab Mild crude was elevated by $1 from August, now set at $three.20 per barrel above the Oman/Dubai benchmark—broadly according to market expectations.

The transfer comes as India is anticipated to extend purchases of Saudi and Center Japanese crude following new U.S. tariffs. Trump lately imposed a further 25% responsibility on Indian items in response to New Delhi’s continued imports of Russian oil. Refining sources counsel this might immediate Indian patrons to pivot extra closely towards Gulf producers.

Saudi Aramco additionally raised costs for U.S. patrons, whereas reducing them barely for European prospects.

This text was written by Aaron Cutchburt at investinglive.com.