Aramco Slashes Arab Light Oil Price by $11, Biggest Cut Since 2003

Saudi Aramco set the August official selling price for flagship Arab Light crude to Asia at $1.50/barrel below the Oman/Dubai average — an $11 cut from July and the steepest monthly reduction in Reuters records dating to 2003. The cut, deeper than analysts forecast, reflects a surge of global oil supply and collapsing prices (Brent near $72) after the mid-June US-Iran deal restored Strait of Hormuz shipping. Aramco also cut Northwest Europe pricing by $15/barrel.