Saudi Arabia Set to Slash Oil Prices as Hormuz Reopens

AI Summary

Saudi Arabia plans to reduce official selling prices for its crude oil aimed at Asian markets in August as the Strait of Hormuz reopens, increasing oil supply. This move by Saudi Aramco follows a significant drop in Middle Eastern crude benchmarks, impacting global energy prices.

Saudi Arabia is expected to slash the official selling prices of its crude loading for Asia in August, as Middle East’s crude benchmarks crashed amid the tentative reopening of the Strait of Hormuz and the oil supply increase from the region. Saudi oil giant Aramco, the world’s single-biggest crude oil exporter, is expected to slash the OSP of its flagship Arab Light crude by between $6.50 and $8.00 per barrel, a Reuters survey of industry sources showed on Friday. Refiners polled by Reuters expect the prices of all other Saudi grades,…