Saudi Arabia to raise oil prices for Asia amid OPEC+ statements

Saudi Arabia will raise prices for its main grade of Arab Light oil for Asia to $ 2.20 per barrel amid statements by the Organization of Petroleum Exporting Countries (OPEC+) about an increase in production. This was reported by Bloomberg on July 6.

"In August, state—owned oil producer Aramco will raise the price of Arab Light oil, its flagship grade, by $1 per barrel to $2.20 per barrel, which is higher than the regional benchmark for Asian consumers," the publication said.

It is noted that this decision was made as a result of statements by OPEC+ about an increase in oil production, which will be able to accelerate the process of reducing production by the organization's member countries by September, which is a year earlier than originally planned.

According to the agency, several high-ranking officials of oil refineries in Asia were surprised by the increase in oil prices. They expected the price to be 65 cents per barrel.

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On July 5, it was reported that eight OPEC+ member countries agreed to increase oil production by 548,000 barrels per day in August 2025, thereby ending production restrictions. It is specified that we are talking about Russia, Saudi Arabia, the United Arab Emirates (UAE), as well as Kuwait, Oman, Iraq, Kazakhstan and Algeria.