Saudi Arabia cuts Arab Light $11 a barrel for Asia
Business
Saudi Arabia is making waves by slashing its oil prices: Arab Light crude will drop $11 a barrel for Asian buyers starting August 1.
This bold move comes as competition heats up and tensions in the Middle East cool down, with OPEC+ countries ramping up production.
Oil prices sliding after U.S.-Iran deal
The new price is set at $1.50 below Asia's usual benchmark, which is a bigger drop than most expected.
Saudi Arabia wants to win over more Asian customers as rivals like Iraq and Kuwait boost their exports too.
Meanwhile, global oil prices have been sliding since mid-June after a U.S.-Iran deal eased tensions in the Strait of Hormuz, putting extra pressure on exporters to stay competitive.