According to World of Petroleum and Bitumen (WPB), Saudi Aramco has announced an upward adjustment in the official selling prices (OSPs) of its crude oil for all regions, even as the broader OPEC+ alliance has opted to expand production beyond initial market expectations.
The most significant price surge will impact European buyers, with an increase of $1.40 per barrel across various Saudi crude grades. In Asia, where Saudi Arabia holds a substantial share of the market, refiners will face price hikes ranging from $0.90 to $1.30 per barrel. North American importers, however, will encounter only marginal increases between $0.20 and $0.40 per barrel.
The rise in prices coincides with peak fuel consumption season across the northern hemisphere—a factor many market analysts believe influenced Aramco’s decision, regardless of recent OPEC+ production decisions. The alliance agreed to raise collective output by 548,000 barrels per day, exceeding earlier forecasts and causing a temporary dip in oil prices in global markets.
Brent crude and West Texas Intermediate both registered slight declines in value, reflecting immediate market reactions to the announcement. Brent was trading below $68 per barrel, while WTI hovered just above $66.
Industry experts suggest that the recent supply adjustment could restore up to 80% of the total output cuts initiated in 2022, which originally amounted to 2.2 million barrels per day. Yet, reports indicate that the actual pace of recovery among OPEC+ producers has lagged behind commitments—with the bulk of the resumed output attributed to Saudi Arabia, the alliance’s largest contributor.
Meanwhile, analysts at Goldman Sachs anticipate another substantial increase in OPEC+ production volumes in the coming months, projecting a further 500,000-barrel-per-day boost. The firm emphasized that the latest decision aligns with a broader strategic transition—one that prioritizes long-term market stability, balanced spare capacity, internal unity, and greater control over U.S. shale competition.
This pricing move by Aramco underscores its continued assertiveness in shaping global oil dynamics, even as the supply landscape shifts and market forces evolve.
By WPB
Oil, Petroleum. Price
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