RIYADH: Saudi Arabia may have little choice but to reduce the price of its oil as Opec and allied producers start to ease output curbs amid weakening demand that’s crashed the value of physical supplies.
Aramco is expected to cut the official selling price (OSP) for its flagship Arab Light grade by 48 US cents a barrel for September sales to Asia, the median estimate in a survey of eight traders and refiners across the region shows. It would be the first drop in four months after a series of hikes that came as Opec+ cut output and consumption recovered as Asian economies emerged from lockdowns.
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