Saudi Arabia's steepest price reduction for crude oil sold to Asia in more than two decades has failed to make its flagship grade the most competitive in the region. Traders and refiners say rival Gulf supplies continue to offer better value.
According to Reuters, Saudi Arabia cut the August official selling price (OSP) for its benchmark Arab Light crude to $1.50 per barrel below the average of Oman and Dubai benchmark prices for Asian buyers, marking an $11 per barrel reduction from July. The kingdom also lowered the OSPs for its other four crude grades by the same amount.
