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Saudi Arabia Sets September Crude Prices to Asia at Record High

By JOHN HAYWARD

Saudi Arabia on Thursday announced record-high selling prices for crude oil to Asian buyers. The remarkably high increase of 50 cents per barrel was still lower than some forecasts, which anticipated up to $1.50 per barrel.

Bloomberg News postulated the Saudis held their Asian price increase down to fifty cents because demand for oil from the United States unexpectedly fell due to decreased summer driving. In fact, the latest surveys show Americans are driving even less than they did at the height of the Wuhan coronavirus pandemic in 2020.

Saudi Aramco, the kingdom’s national oil company, also increased U.S. prices by fifty cents a barrel, as part of a humiliating rebuke to the Biden administration’s request for increased production to bring American pump prices down. The Saudis increased production by one the smallest margins in Aramco history and raised prices…

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