Saudi Arabia has raised the price of crude oil to Asian customers for the second consecutive month, showing confidence in oil demand.

Saudi Arabia raised its crude oil prices for Asian customers for the second consecutive month, showing confidence in its own oil demand amidst OPEC+ increasing production for several months. According to a price list seen by the media, the Saudi oil giant Aramco raised the price of Arab Light crude oil for shipment to Asia in September by $1 per barrel, expanding the premium relative to the Oman-Dubai benchmark to $3.2, the highest level since April. Surveys of refineries and traders prior to this had estimated a price increase of 90 cents per barrel.