By Giulia Petroni
Top oil exporter Saudi Arabia lowered the July price of its flagship Arab Light crude for Asian buyers after OPEC+ decided to accelerate output hikes for a third straight month.
State-owned oil company Saudi Arabian Oil Co., known as Aramco, set its official selling price for July loadings of Arab Light to Asia at $1.20 a barrel above the Oman/Dubai average, down from $1.40 a barrel in June. The price is considered a barometer for how the kingdom sees the demand outlook.
Prices for all other lighter and medium-density grades were also reduced, except for Arab Heavy, which was left unchanged.
In evening trade in Europe, Brent crude was down 1.6% to $64.59 a barrel, while the U.S. oil gauge WTI fell 1.1% to $62.74 a barrel.
Aramco raised prices for grades it sells to Northwest Europe and the Mediterranean by $1.80 compared to the previous month. For U.S. customers, the price of Arab Extra Light and Light were lifted by $0.10, while Medium and Heavy were held steady.
On Saturday, key members of the Organization of the Petroleum Exporting Countries and its allies agreed to accelerate output hikes for a third consecutive month in July, further raising concerns over excess supply at a time when the demand outlook is uncertain.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
06-04-25 1144ET
