Saudi Arabia raised oil prices for Asia - Bloomberg
Aramco is increasing the price of the Arab Light class by 50 cents in September. The current price is the highest ever. Remarkably, this decision came one day after OPEC+'s lowest oil production increase.
Aramco's monthly decisions are seen as a "bell" for the oil market, and they are often followed by similar moves from other major Gulf producers. In other words, we can expect similar cost increases from other producers.
