Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Mon, 06 Jun 2022 10:07 AM IST
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Expansion
The world’s top oil exporter Saudi Arabia has dealt a big blow to Asian buyers. It pushed crude oil prices higher than expected in July for these buyers amid tight supplies and strong summer demand.
Talking about the forecast, it was expected to increase between one dollar to 1.5 dollars. But the July-loading Arab Light Official Selling Price (OSP) for Asia rose by $2.1 a barrel from June to $6.5 a barrel on Oman/Dubai quotes, near the highest level recorded in May. In this regard, an Asian oil trader said that this jump in crude oil prices is unexpected, especially for Arab Light. He said that we are very surprised by this decision.