Saudi Aramco Slashes Arab Light Price to Six-Year Low
Saudi Arabia's state oil company, Saudi Aramco, has set the official selling price for its flagship Arab Light crude oil to Asia at a six-year low in September. The price is $2 a barrel below the Oman/Dubai average for September, according to a pricing document reviewed by Reuters.
This marks the lowest level since June 2020 and compares with minus $1.50 a barrel in the previous month, when the kingdom cut the price by the biggest amount in more than two decades.
The small cut for September OSPs followed a decline in the spot benchmark price last month. Oil market participants are also watching Iran-Oman talks this week for signs of progress towards a peace deal that could lead to the reopening of the Strait of Hormuz, through which about 20% of global oil and liquefied natural gas supplies flow.