Saudi Arabia sets crude prices at record high

Saudi Arabia, the world's top oil exporter, raised September crude oil prices for Asian buyers to record high levels despite falling refining margins, Report informs, citing Reuters.

The official selling price (OSP) for September-loading Arab Light to Asia was raised by 50 cents a barrel from August to $9.80 a barrel over Oman/Dubai quotes, state oil producer Saudi Aramco said on Thursday, exceeding the previous record of $9.35 per barrel set in May.

The OSP for Arab Extra Light was increased by 30 cents to $10.95 a barrel, and for Arab Medium, it was raised by 60 cents to $7.75 a barrel, both record levels.
Saudi Arabia set its Arab Light OSP to northwest Europe at plus $4.70 a barrel against ICE Brent for September and to the United States at $6.15 a barrel.