UPDATE 1-Saudi Arabia cuts Arab Light August OSP for Asia to six-year low

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July 6 (Reuters) - Saudi Arabia has set the August Arab Light crude oil official selling price to Asia at $1.50 a barrel below the Oman/Dubai average, its lowest level since June 2020, a pricing document reviewed by Reuters showed on Monday.

This deep cut comes after spot crude markets tumbled on rising Middle Eastern supplies.

The OSP for the previous month was a premium of $9.50 a barrel.

The cut was larger than market expectations , which had been for a premium of $1.50 to $3.00 a barrel above the average of Dubai and Oman quotes.


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