Aramco Slashes Arab Light Price to Six-Year Low

Saudi Aramco has set its official selling price for Arab Light crude to Asia at $2 a barrel below the Oman/Dubai average for September, marking its lowest level since June 2020.

The move is a further cut from minus $1.50 a barrel in August, when the state oil company had already slashed the price by the largest margin in more than two decades.

Aramco's decision to drop the price of Arab Light crude by 50 cents a barrel for September reflects declining spot benchmarks in Dubai and Oman, which have driven down term crude pricing.