Saudi Arabia's Latest Oil Price Hike Has Sapped Buyer Appetite – OilPrice.com

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The increase was almost the smallest for Asian buyers, however. Per documents cited by Bloomberg, Saudi Aramco hiked its prices for European buyers by $0.80 per barrel—versus $0.20 for Asian buyers—and by $0.10 per barrel for U.S. buyers, according to Reuters.
This was the second month in a row that saw price hikes for Asian buyers, Reuters noted in a report, adding that while the move was not unexpected by most, some buyers were surprised because they had expected a cut in prices for August.
According to a Reuters poll from earlier this month, refiners expected a price cut of up to $0.50 per barrel for Arab Light in the context of supplier competition and lower refining margins in Aramco’s biggest export market.
“Saudi needs to trim prices to reflect the market movements. They have gone a bit too far from the reality in the past few months,” one poll respondent said at the time.