Saudi Arabia may significantly cut crude oil prices for Asia in August

```htmlGolden Ten Data, June 26 — According to a Reuters survey, as the Middle East spot crude oil market has dropped sharply due to increased supply, Saudi Arabia may significantly lower the official selling price of crude oil bound for Asia in August to a four-month low. Industry sources in the survey said the official selling price of its flagship Arab Light crude oil in August may be set at a premium of $1.5 to $3 per barrel over the Dubai/Oman average price, which is $6.5 to $8 per barrel lower than the July official selling price. It is expected that the official selling prices for other grades of Saudi crude oil will also see similar decreases. Ahead of this expected price cut, the Middle East spot crude oil market has recently deteriorated notably. Dubai spot price spreads turned to a discount of $1.64 per barrel this week, the lowest level in six years.```