Saudi Aramco Cuts August Asia OSPs by $11/Bbl — Biggest Monthly Reduction in Over Two Decades
- Saudi Aramco slashed the August Official Selling Price for flagship Arab Light crude to Asia by $11 a barrel, the largest single-month cut in more than 20 years, surprising analysts (Bloomberg, https://www.bloomberg.com/news/articles/2026-07-06/latest-oil-market-news-and-analysis-for-july-7). move is aimed at defending market share against weakening Chinese demand and resurgent Gulf supply, including rebounding flows through the Strait of Hormuz, amplifying fears of a global glut.
- Oil prices held lower into the U.S. close, with WTI/Brent benchmarks under pressure and equity traders flagging implications for energy producers and inflation paths.