Saudis slap big hike on heavy crude oil prices

Saudi Arabia has raised the official selling prices of its heavier crudes in September by more than expected for Asian buyers, setting Arab Heavy at its highest in two years, traders said yesterday.
The world’s top oil exporter also raised prices to Europe but cut the OSPs sharply for all its crude supplies to the United States. For Asian customers, Arab Heavy was set at a discount of US$3.60 (HK$28.08) a barrel to the Oman/Dubai average, up 70 percent from August and at the strongest level since July 2005, exceeding the top end of forecasts in a survey last week.

TheStandard