finance
Saudi Arabia and UAE Cut August Crude Prices to Asia by up to $11 per Barrel
Saudi Arabia reduced its official selling price for crude oil loadings to Asia in August by $11 per barrel from July levels. The cut is the largest month-over-month reduction in two decades. Other Gulf producers are offering deeper discounts with alternative loading points outside the Strait of Hormuz.
Jul 8, 6:00 PM·1m read1 source
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com reported. Arab Light, the flagship Saudi grade, will be sold at $1.50 per barrel below the Oman/Dubai benchmark. Iraq, Kuwait, and the United Arab Emirates have also restarted competition to sell crude into Asia after the tentative reopening of the Strait of Hormuz nearly three weeks earlier.
The UAE is offering Upper Zakum and Das crudes at a $7 per barrel discount to the benchmark. Loadings occur at Sohar in Oman outside the strait, where supertanker charter rates run $4 to $5 per barrel, according to traders and an Indian refinery source cited by Reuters. Saudi Arabia's offer involves loadings at Ras Tanura in the Persian Gulf, where freight costs exceed double the UAE rate.
China slashed crude imports for four months and held more than 1.3 billion barrels in storage before the Iran war began more than four months earlier. Gulf producers are seeking to move crude from storage and restore output by attracting Asian buyers with lower prices.
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