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.
This deep cut comes after spot crude markets tumbled on rising West Asian 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.
Published - July 07, 2026 04:39 pm IST