Saudi Arabia has set the August Arab Light crude oil official selling price to Asia at $1.50 a barrel below the Oman/Dubai average, its lowest level since June 2020, a pricing document reviewed by Reuters showed on Monday.This deep cut comes after spot crude markets tumbled on rising Middle Eastern supplies.The OSP for the previous month was a premium of $9.50 a barrel.The cut was larger than market expectations, which had been for a premium of $1.50 to $3.00 a barrel above the average of Dubai and Oman quotes.
Saudi Arabia makes August crude oil cheaper for Asian buyers
Saudi Arabia has significantly slashed its August Arab Light crude oil price for Asia, setting it at $1.50 a barrel below the Oman/Dubai average, the lowest since June 2020. This substantial reduction, far exceeding market forecasts, follows a sharp decline in spot crude markets amid increased Middle Eastern supplies. The previous month's price stood at a $9.50 premium.
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