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Oil

Saudi Arabia no longer an oil country, it’s an energy-producing one: Minister

Published: Updated:

“Saudi Arabia is no longer an oil country, it’s an energy-producing country,” the Kingdom’s Energy Minister Prince Abdulaziz bin Salman told reporters after OPEC+ ministers affirmed production levels through July.

“Not only we are an energy country, we are a very competitive energy country, and we are low-cost in producing oil, low cost in producing gas and low-cost in producing renewables and will definitely be the least-cost producer of hydrogen. I urge the world to accept this as a reality. We are going to be winners of all these activities,” Prince Abdulaziz was quoted as saying by S&P Global.

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Top oil exporter Saudi Arabia has raised the July official selling prices (OSPs) of most crude grades it sells to Asia, a pricing document showed on Thursday.

It set the July OSP for the flagship Arab light crude at $1.90 a barrel above the Oman/Dubai average for Asia, up 20 cents from June.

Saudi Arabia set its Arab Light OSP to northwest Europe at a discount of $1.90 a barrel against ICE Brent for July, compared with a discount of $2.90 for June, according to a document seen by Reuters.

The OSP to the United States was set at a premium of $1.05 a barrel over Argus Sour Crude Index (ASCI), unchanged from June.

(With inputs from Reuters)