Survey: Saudi Arabia lowers the official selling price of Arab Light crude oil to Asia by $8 per barrel in August

Jinse Finance reports that, according to median estimates from a survey of five traders and refining firms on June 29, Saudi Aramco may lower the official selling price for Arab Light crude oil to Asia in August by $8 per barrel compared to the previous month. Market forecasts range from a reduction of $7 to $8 per barrel. If the August price cut is implemented, it will mark the third consecutive month of price reductions, potentially bringing oil prices back to the level at the start of the Iran conflict. The premium for April Arab Light crude oil to Asia, set in early March, was only $2.50 per barrel.