Saudi Arabia Expected to Slash Oil Prices Again

Saudi Arabia Expected to Slash Oil Prices Again

Saudi Arabia is expected to slash again the official selling prices of the crude it will load for Asia in July amid weakening demand and narrowing spot Middle East crude premiums, a Reuters survey of industry sources showed on Friday.   Saudi Arabia, the world’s top crude exporter, is set to cut the official selling price (OSP) for its flagship Arab Light crude loading for Asia in July by $3 to $8 per barrel from June, to a premium of between $7…

Saudi Aramco seen lowering July crude prices as Asia premiums fade

Saudi Arabia is expected to lower the official selling prices of its crude to Asia in July for a second straight month, as softer demand and weaker spot-market premiums put pressure on the kingdom’s pricing.The flagship Arab Light grade may be priced at a premium of $7.50 to $12.50 a barrel over the average of Dubai and Oman quotes, the survey showed. That would mark a reduction of $3 to $8 from June levels.The expected cut reflects a softer tra…