Saudi Arabia Set to Cut July Oil Prices to Asia by Up to $8/bbl

Saudi Arabia is expected to slash July official selling prices for crude to Asia for a second straight month, with Arab Light OSP targeted at a $7.50–$12.50/bbl premium over Oman/Dubai. This follows a record $19.50 premium in May and $15.50 in June, driven by weakening spot demand as Chinese refiners cut runs and U.S. exports rise. Cash Dubai premiums have already collapsed to $8.90 in May from $13.92 in April, while Brent trades around $93/bbl. Analysts anticipate parallel cuts across other Saudi grades, adding further downward pressure on Middle East crude flows into Asia.