Saudi Arabia is expected to raise the price of crude oil sold to Asia in July

China's reopening and strong Asian refinery profits will prompt Saudi Arabia to raise the official selling price
of all grades of crude oil sold to the region in July, six refinery officials said on Monday.

Saudi Aramco, the world's largest crude oil exporter, usually sets price trends in other major Middle Eastern producers and basically hammers out the official selling price of the following month's crude around the 5th of each month, usually after
the monthly OPEC meeting.

Saudi Arabia is expected to raise the official selling price of its flagship Arabian Light crude sold to Asia in July to $0.
85-$2.
00 per barrel from the Oman/Dubai benchmark
, according to the survey.

Survey respondents said prices for all other grades of crude oil sold to Asia in July were also expected to rise
.

Saudi Arabia's pricing is expected to rise
as global fuel crunches drive record refining profits in Asia and fuel demand is expected to strengthen after Shanghai announced an orderly resumption of community access and vehicular traffic from June 1.

Kindly, OPEC is widely expected to keep its production schedule unchanged at its June 2 meeting
, despite calls from oil importers to add more supplies to the market.
In deciding on July crude production levels, the market expects OPEC to modestly raise its monthly production target
, six sources said.

Saudi Arabia's official selling price in July is expected to rise after a June cut in quotations in view of China's easing of epidemic prevention measures and a retreat in the crude oil futures curve
.
After hitting a record high in May, Saudi Arabia cut its official selling price
for June crude oil sales to Asia.