Saudi Arabia Expected to Cut Oil Prices Amid Hormuz Reopening
Saudi Arabia's oil giant Aramco plans to reduce the official selling prices of its crude for August, following a decline in Middle East benchmarks due to the reopening of the Strait of Hormuz and increased regional supply. The cuts are expected to lower Arab Light crude premiums significantly compared to Dubai/Oman benchmarks.
Topics: Middle East supply oil prices Saudi Aramco Strait of Hormuz