Saudi Arabia has raised crude oil prices for Asian customers for the second consecutive month, demonstrating the world's largest crude oil exporter's confidence in its own crude oil demand amid months of OPEC+ production increases.

According to a price list reviewed by media, Saudi Aramco raised the price of its Arab Light crude oil shipped to Asia in September by $1 per barrel, widening the premium to the Oman-Dubai benchmark to $3.20, the highest level since April. A survey of refiners and traders showed that the price increase had been expected to be 90 cents per barrel.

Saudi Arabia continues to push OPEC+ to increase production in an effort to gain a larger market share. Currently, increased fuel demand in the transportation sector has boosted refining margins, helping the market absorb the additional supply. Saudi Aramco CEO Amin Nasser expressed optimism on an earnings call this week that this trend will continue.

"Strong oil market fundamentals are supporting demand for our crude oil and other products," Nasser told reporters on the earnings call. "We expect demand in the second half of the year to be over 2 million barrels per day higher than in the first half."

However, Saudi Arabia cut its crude oil prices to European customers by $1.30, the largest drop in a year, while slightly raising prices for crude sold to the United States.

Many analysts and traders predict that much of the additional production from OPEC+ in August and September could put downward pressure on oil prices later this year. Wall Street firms including JPMorgan Chase and Goldman Sachs predict that oil prices could fall to around $60 per barrel in the fourth quarter.