Saudi Arabia Decides to Raise August India-Bound Oil Prices for Major Asian Countries

[Asia Economy Reporter Jeon Jinyoung] Saudi Arabia's state-owned oil company Aramco has raised the prices of crude oil deliveries to major Asian countries scheduled for next month.

According to Bloomberg News on the 5th (local time), Aramco increased the official selling price (OSP) of the light crude oil "Arab Light" for August deliveries by $2.8 per barrel compared to the previous month. This price was set $9.3 per barrel higher than the average price of Dubai crude.

Aramco's oil selling prices are determined by adding premiums or applying discounts to benchmark oil prices. Bloomberg viewed the reason for Aramco's price increase as a forecast that demand in the Asian market will remain strong despite concerns about an economic recession.

Aramco delivers 60% of its total sales volume to Asian countries such as Korea, China, Japan, and India.