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Saudi Arabia has announced an increase in the official selling prices (OSPs) for its crude oil sold to Asia, Northwest Europe, and the Mediterranean in June. This move, as indicated by Aramco, reflects expectations of strong demand this summer. The price for the flagship Arab Light crude oil to Asia has reached its highest level since January, at $2.90 a barrel above the Oman/Dubai average. While the prices for crude oil in the United States remain unchanged, the price hikes for most Saudi crude grades in Asia were at the higher end of traders' expectations. Saudi Aramco sets its crude prices based on recommendations from customers and changes in the value of its oil over the past month. These price changes are expected to affect about 9 million barrels per day of crude bound for Asia.
