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Start an oil price war? Saudi Aramco cuts August crude oil prices for Asia, the biggest reduction in at least 26 years.
BlockBeats News, July 6 — Saudi Aramco cut the official selling price (OSP) for its flagship Arab Light crude oil for Asia in August by $11 per barrel, setting it at a $1.50 per barrel discount versus the regional benchmark. The magnitude of the cut is the largest in at least 26 years, exceeding broad market expectations, and underscores its intent to compete for market share in Asia.
The major price reduction comes as the Strait of Hormuz resumes navigation and Middle East crude supply rebounds. At the same time, OPEC+ announced that it will continue increasing production in August, heightening concerns about a potential global crude oil supply surplus.
JPMorgan, Goldman Sachs, and other institutions have recently warned that, as supply continues to recover while demand growth still appears weak, the global crude oil market may see a supply surplus again next year. Citigroup, meanwhile, expects that Brent crude prices could fall back to $60 per barrel by the end of the year.