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2015-08-03 17:55:00

SAUDI'S PRICE WILL RISE

SAUDI'S PRICE WILL RISE

Saudi Arabia is expected to raise prices for crude it sells to Asia in September due to a stronger Dubai benchmark, traders and analysts said on Monday, adding that the top oil exporter will be wary of a hike so big it would threaten its market share.

OPEC's efforts to discourage growth from rival supply sources are bearing fruit as the group continued to pump at record levels in July. Still, raising prices when Asian refiners are cutting runs because of weak margins could hurt demand for Saudi oil, the traders and analysts said.

"It's an awkward decision," a Singapore-based trader said. "They have to follow…

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Tags: SAUDI, OPEC, OIL, PRICES
Chronicle:
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