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.

Aramco cuts Arab Light crude price by $6 for July 2026, the largest since 2000. New all-time high for crude by September 30 at 2.5% YES.

Saudi Arabia cuts Arab Light oil price for Asia by $11 per barrel for August. New all-time high for crude oil by September 30 at 2.5% YES.

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…

In a sign of intense competition among oil producers, Saudi Arabia on Monday slashed crude prices by $11 a barrel for Aug, the sharpest fall in 26 years.

Saudi Arabia significantly reduced crude oil prices for Asian buyers this month. Rival Gulf producers are offering better value and deeper discounts to attract customers. Higher…