OREANDA-NEWS Saudi Arabia's national oil company Saudi Aramco has raised its oil supply prices for customers in Asia by $2.1 in July, higher than forecast, according to a Gazeta.ru report.

The official selling price of Arab Light for July for the Asian market rose by $2.1. At the same time, most traders expected the company to raise prices by a maximum of $1.5, the agency said.

The publication added that the oil company decided to raise prices amid a disrupted balance of supply and demand over the summer period. Moreover, the selling price was also raised for Northern European and Mediterranean buyers, by $2.2 and $2 per barrel respectively. For the US, prices remained unchanged.

The authors of the article point out that Saudi Aramco decided to raise the price even though the OPEC+ countries decided to increase production in June by 648,000 bpd. This decision may have happened against the background of the news about a partial embargo on oil from Russia.

Earlier Bloomberg reported that Saudi Arabia reduced oil prices amid new measures to combat the coronavirus in China due to a new outbreak. Oil company Saudi Aramco also decided to lower prices due to the difficult supply situation amid Russia's special operation in Ukraine.