Saudi Aramco lowered oil prices for Asia in August

By Alimat Aliyeva

Saudi Arabia's national oil company Saudi Aramco has lowered selling oil prices for buyers in Asia for August, Azernews reports.

According to the information, the price of Arab Light oil for Asian buyers has been reduced by 0.6 dollars per barrel. Thus, the price turned out to be $ 1.8 higher than the regional benchmarks of Oman/Dubai.

At the same time, traders expected a decrease in the cost of Saudi oil for Asia by 0.9 dollars per barrel, the agency reports.
In June, OPEC+ countries set quotas for oil production until the end of 2025. A number of countries that have carried out additional production cuts have decided on a partial phased restoration of oil production as part of voluntary reductions from October 2024. This decision led to a drop in the price of Brent crude oil to its lowest level since February due to concerns about weak demand growth.

Later, representatives of Saudi Arabia stressed that OPEC+ countries will continue to monitor market conditions and may refuse to increase production. Oil prices subsequently recovered after a period of recession.