Saudi Arabia makes August crude oil cheaper for Asian buyers

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.