For the first time in three months, Saudi Arabia, the world’s largest oil exporter, has increased the official selling price of its Arab Light crude to Asia for September. In contrast, the kingdom has reduced prices for other regions. In a statement released on Sunday, Saudi Aramco announced that it had raised the price of Arab Light crude sold to Asia by 20 cents, bringing it to $2 per barrel above the average price in Oman and Dubai.

The kingdom also increased prices for other light crude grades destined for Asia while keeping the prices of medium and heavy crude unchanged. According to a Reuters survey, Asian refining sources had expected Aramco to raise prices for all crude grades by at least 50 cents per barrel in September compared to August, aiming to capture similar gains as those achieved by Dubai crude the previous month. However, a Singapore-based trader noted that the lower-than-expected increase might be attributed to weak refining margins in Asia, along with the upcoming annual supply negotiations.

At a meeting of top OPEC+ ministers on Thursday, the group maintained its production policy, including a plan to begin unwinding some production cuts starting in October. They emphasized that this increase could be paused or reversed if necessary.

Currently, OPEC+ is cutting production by 5.86 million barrels per day, which is about 5.7% of global demand. This is part of a series of measures agreed upon since 2022 to support the market amid uncertainty about global demand and rising supply from outside the group. Saudi Aramco sets crude oil prices based on customer recommendations and changes in the value of its oil during the previous month, factoring in revenues and product prices.