Saudi Aramco has boosted prices on nearly all of its Arab Light crude grades for sale in Asia as it anticipates continued demand growth.
The state-owned company told Bloomberg that it raised the price for Arab Light crude for sale in Asia by 35 cents a barrel to 60 cents over the regional benchmark price.
The price jump marked the second consecutive month that Saudi Aramco has increased the sale price of Arab Light to Asia, according to Bloomberg.
Saudi Aramco boosted prices on most grades for sale to Asia, although the price of Extra Light blend held steady.
The company also increased prices for U.S. purchasers on all grades expect Extra Light crude.
The price of Arab Light crude for U.S. buyers rose by 20 cents per barrel to 55 cents more than the regional benchmark, Saudi Aramco told Bloomberg.
The company told the news agency that it has also increased discounts on all grades for European buyers.
OPEC said in a statement earlier this month that an 80 percent rise in crude prices over the last several months indicates that “the market is moving through the balancing process.”
However, OECD and non-OECD inventories are still standing well above the five-year average.
The International Energy Agency said in May that production declines in non-OPEC countries may indicate that the oil market is “moving towards balance.”
However, the agency warned that economic headwinds prompted it to leave its growth outlook unchanged.