The biggest oil exporter in the world, Saudi Arabia, is anticipated to sell crude oil to Asia at all-time highs.
Saudi Arabia may send more oil to Asia than ever before. Traders warn that there are hazards associated with this growth.
Arab Light oil is anticipated to cost 10.80 dollars per barrel for delivery to Asia in September, according to studies done with five refineries.
Due to the US recession risk pricing, strict monetary policies, and China’s efforts to cut Covid cases, the global oil prices are poised to end July with a two-month decline for the first time since 2020.