The Hindu·2 min read·medium
Saudi Arabia cuts August crude oil official selling price to Asia to six-year low
R
Reuters
✦AI Summary
Saudi Arabia has significantly reduced the official selling price for its crude oil exports to Asia, reaching a six-year low. This move follows a decline in spot market prices caused by an increase in regional oil supplies.
Saudi Arabia has set the August Arab Light crude oil official selling price to Asia at $1.50 a barrel below the Oman and Dubai average, its lowest level since June 2020, a pricing document reviewed by Reuters showed.
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