Refiners Expect Saudi Arabia to Cut Oil Price

Refiners Expect Saudi Arabia to Cut Oil Price

Saudi Arabia may cut its official selling price for crude oil by as much as $0.40-$0.50 per barrel for Asian buyers, Reuters has reported, citing sources from the refining industry. The expected price cut concerns the flagship Arab Light grade that Saudi Arabia sells abroad, but other grades are also expected to see cuts, albeit smaller ones, at between $0.30 and $0.45 per barrel, according to the sources. The reason for these expectations is th…

Saudi Arabia to lower July oil prices

Saudi Arabia is poised to reduce its July crude oil prices for Asia to a six-month low, mirroring declines in benchmark prices.