Aramco Cuts OSP for Arab Light Crude to Asia Again

Saudi Aramco has made another cut to its official selling price (OSP) for Arab Light crude oil sold to Asia, reducing it by $2.00 per barrel below the Oman/Dubai average in September 2026 loadings.

This adjustment extends a decline that began the previous month, when the differential turned negative for the first time in over twenty years.

The OSP is calculated based on spot premiums observed in the physical market for benchmark crudes. When these premiums narrow, the differential applied to term crude tends to narrow as well, to remain competitive against volumes available on the spot market.

This strictly tariff-based framing leaves out a context that weighs directly on the reading of the dossier - a conflict pitting the United States and Israel against Iran has disrupted maritime transport through the Strait of Hormuz since late February 2026.