Saudi Arabia has raised the official selling price for its flagship Arab Light crude oil to Asia in August to $2.20 above the Oman/Dubai average, a pricing document from Saudi oil giant Aramco showed on Sunday.
The August price is up $1 per barrel from the July level for Arab Light and is the highest since April, when the selling price stood at $3.50 above the Oman/Dubai average.
The Gulf kingdom set its August Arab Light official selling price to Northwest Europe at $4.65 above ICE Brent and to the U.S. at $3.90 above ASCI, the document showed.
It raised August prices for Arab Extra Light by $1.3 per barrel and for Arab Heavy by 90 cents.
The moves come a day after eight OPEC+ members agreed to raise production by 548,000 barrels per day in August, further accelerating output increases.
A 12-day air war between Iran and Israel led to a surge in oil prices caused by fears of supply disruptions. Prices sank back to previous levels after a ceasefire was agreed.
Respondents to a Reuters survey last week expected Saudi OSPs largely to track the spot market.