SAUDI ARABIA SLASHES OIL PRICE TO ASIA Saudi Arabia cut the August price of its flagship Arab Light crude for Asia by $11 a barrel—the bigg…
SAUDI ARABIA SLASHES OIL PRICE TO ASIA
Saudi Arabia cut the August price of its flagship Arab Light crude for Asia by $11 a barrel—the biggest reduction in at least 26 years.
The move reflects weaker oil markets, rising global supply and intensifying competition, as Gulf producers ramp up exports following the easing of disruptions in the Strait of Hormuz.
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