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Saudi Arabia sharply cuts crude oil prices, marking the biggest reduction in at least 26 years.

MeNews
ME News, July 6 (UTC+8), as global supply surges intensify competition for buyers, Saudi Arabia cut its official selling price for its main crude grade to Asian customers in August by the largest margin in at least 26 years. According to a price list, Saudi Aramco lowered the price of Arab Light crude for export to Asia in August by $11 a barrel, a discount of $1.50 a barrel to the regional benchmark, a cut larger than the expected $8 a barrel in an institutional survey. Middle East crude prices have recently fallen. After resuming exports from the Persian Gulf port of Ras Tanura, Saudi Aramco once boosted crude shipments to about 90% of pre-war levels. Before the war, Ras Tanura was the main loading port for Saudi crude exports. Due to the war blocking the Strait of Hormuz, Saudi Aramco diverted most crude flows to the Yanbu port on the Red Sea. Previously, the OPEC+ group of oil-producing countries agreed to continue a modest production increase in August. Now, with shipping through the Strait of Hormuz resuming, Gulf oil producers such as Saudi Arabia, Iraq, and Kuwait will be able to utilize their higher quotas. (Jin Shi) (Source: ODAILY)
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