The reduction reflects weaker demand and shrinking spot premiums for Middle East crude in the region.
Saudi Arabia will lower its official selling price for Arab Light crude loading in July by $3 to $8 per barrel for Asian buyers. The new price sets the premium at $7.50 to $12.50 a barrel over the Oman/Dubai benchmark, down from June levels.
The move follows a Reuters survey of industry sources, citing softening demand and narrower spot premiums in the Middle East. Saudi Arabia, the world’s largest crude exporter, last adjusted prices in June, responding to market conditions.
No immediate market reaction was reported in the survey.