Saudi cuts August Asia oil price $1.50 below Oman-Dubai average
Business
Saudi Arabia just dropped its August oil price for Asia to $1.50 below the Oman and Dubai average, a deep cut that takes the price to its lowest since June 2020.
This change kicks in on August 1 and comes as extra Middle Eastern supply has pushed spot prices down, making oil a bit cheaper for Asian buyers.
Saudi reverses $9.50 premium to discount
This price drop is much bigger than what experts expected: the previous month (July 2026), Saudi oil was selling at a $9.50 premium, but now it's at a discount.
The move shows how Saudi Arabia is reacting quickly to shifting market trends and increased competition in the region.