Saudi Arabia to sharply raise oil prices for Europe in September

Saudi Arabia in September will sharply increase the price of oil for delivery to European countries, Report informs referring to Interfax citing the state-owned company Saudi Aramco.

At the same time, the cost of ‘light’ grades of oil for the countries of North-Western Europe will increase most significantly, by $2-3 per barrel. For buyers from the Mediterranean, it will rise in price by $1-1.5 per barrel.

Oil with delivery to Asian countries will rise in price next month by $0.3-0.7 per barrel. The only exception will be Arab Extra Light, which will still cost $2.55 more per barrel than the Oman/Dubai basket.

Fuel prices for US buyers will not change next month.