Oil & Gas

Saudi Arabia, the world’s biggest oil exporter, has raised its September official selling price (OSP) for crude oil to Asian buyers for the second consecutive month, citing tight supply and strong demand as the driving factors.

The OSP for its flagship Arab Light crude loading to Asia in September is set at $3.20 per barrel above the Oman/Dubai average, which is $1 higher than the August premium Refiners had anticipated a smaller increase of $0.90 to $1.05 per barrel, according to a Reuters survey.

Prices for other Saudi crude grades bound for Asia—Arab Extra Light, Arab Medium, and Arab Heavy—also rose, with the September OSPs up $0.70 from August, now sitting at $1.20 per barrel above the Oman/Dubai average.

The decision comes amid a backdrop of market tightness: supply constraints, robust Asian demand, and a planned OPEC+ output increase of around 547,000 barrels per day in September Additionally, a source at an Indian refiner noted that U.S. tariffs on Indian goods—aimed at reducing reliance on Russian oil—may be pushing India toward higher imports of Middle Eastern crude, supporting strong pricing.