Saudi Arabia increases September price of Arab light crude to Asia
Adds background throughout
Aug 4 (Reuters) -Top oil exporter Saudi Arabia has raised the price for the flagship Arab light crude it sells to Asia in September by 20 cents to $2 a barrel above the Oman/Dubai average, Saudi Aramco said in a statement on Sunday, marking the first increase in three months.
A meeting of top OPEC+ ministers on Thursday kept the oil exporting group's output policy unchanged, including a plan to start unwinding one layer of output cuts from October, and repeated that the move could be paused or reversed if needed.
OPEC+ is currently cutting output by a total of 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to bolster the market amid uncertainty over global demand and rising supply outside the group.
State-owned Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
Aramco officials as a matter of policy do not comment on the kingdom's monthly official selling price.
Reporting by Hatem Maher and Adam Makary; Editing by Paul Simao
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