According to a survey conducted by Reuters on six people in the refining industry, Saudi Arabia's state-owned oil company Saudi Aramco announced the official selling price of its representative oil, Arab Light Crude Oil, for Asia in September. OSP) is expected to rise by $ 0.70-1.00 per barrel from the previous month. The price increase will be the third consecutive month.
Rising fuel prices and continued restrictions to prevent coronavirus infection in China are squeezing demand, and refiners are expected to continue raising prices despite declining profit margins.
As expected, the index of crude oil from Oman and Dubai will add to the average price above the record high of $ 9.35 per barrel in May.
The profit margin of Asian refiners processing Dubai crude has fallen 97% in the past month. "If oil prices rise further, refiners will manage their balance sheets, which could move to lower production," said one respondent.
Saudi Aramco is expected to announce the OSP of crude oil after the August 3 meeting of OPEC Plus, which consists of OPEC members and non-member oil producers.
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