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Saudi Arabia may hike oil price to record even as traders see risks

The world's top crude exporter is expected to price its Arab Light crude to Asia at a $10.80-a-barrel premium to the region's benchmark for September-loading cargoes

Oil trade
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Global crude prices are headed in July for their first back-to-back monthly loss since late 2020 as investors attempt to price in the risks of a US recession, tighter monetary policy, and China’s repeated efforts to tame Covid-19.

Sharon Cho | Bloomberg
OPEC+ kingpin Saudi Arabia is expected to price its flagship crude to Asia at a record differential for September even as traders see the scope for a weaker spot market the following month, highlighting a potential turning point for the market.

The world’s top crude exporter is expected to price its Arab Light crude to Asia at a $10.80-a-barrel premium to the region’s benchmark for September-loading cargoes, according to the median estimate in a Bloomberg survey of five refiners. At the same time, a slump in margins for Asian processors means that such a hike may dampen any requests for extra

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First Published: Jul 27 2022 | 10:58 PM IST

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