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Saudi Arabia has raised July prices for its benchmark Arab, as OPEC oil ministers are set to meet in Vienna tomorrow.
- The price was raised for Asian buyers, which indicates that Saudi Arabia might be facing higher demand from the region. State owned oil company, Saudi Aramco, said the price at which it sells oil to customers in Asia in July would be the same as the regional Oman/Dubai average, up from the 60 cents discount in June. It has also increased the prices of three other oil grades for delivery in Asia by between 20 cents to $1.10, only lowering the price on super light crude by 30 cents.
This actions on the eve of OPEC meeting clears that Saudi Arabia to shrug off any calls for production cut as it is raising its prices. Asia is Saudi Arabia's largest market. Almost half of its export goes to Asia.
This action from Saudi Aramco pose several questions -
- Is the oil demand rebounding faster than expected, if so then supply glut is a big concern?
- If a supply glut persists in the market, is it North American phenomenon, since US crude is barred from exports?
Oil prices are down since it is clear OPEC members will not be cutting production. WTI is currently trading at $59/barrel and Brent at $63.2/barrel.
