Saudi Arabia hikes oil prices to 4-month high amid China demand surge

Saudi Arabia has increased its August Arab Light crude price to Asia by $2.20 per barrel, the highest in four months, driven by peak domestic energy consumption, increased exports to China, and an OPEC+ production reset. This price hike impacts refiners in Asia and Europe, potentially leading to strategic shifts in refinery sourcing and accelerated energy diversification within Saudi Arabia.

Most Recent