Saudi Arabia is reducing crude oil exports to China in September and raising official selling prices, despite weaker-than-expected demand in Asia.
Saudi Arabia is expected to ship lower volumes of crude oil to the world’s top importer, China , next month, as official Saudi term prices were raised for September.
Refiners in Asia had expected a hike of between $0.50 and $0.80 per barrel for September compared to August prices, to a premium of between $2.30 and $2.60 per barrel over the Oman/Dubai average. However, refining margins are weak in Asia and could limit the potential of a Saudi price hike for September, some of the respondents in a Reuters survey said.
China Crude Oil Oil Prices OPEC Official Selling Price (OSP) Arab Light Oil Demand Asia Refining Margins
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