Bloomberg: Saudi Arabia lowers Asia crude prices over 26 years

Saudi Aramco announced a decrease of $11 per barrel in the price of "Arab Light" crude oil assigned to Asia next month, marking the largest drop in 26 years. The new price will be $1.5 below the regional benchmark, due to declining oil prices and increased supplies from the Middle East following the resumption of navigation through the Strait of Hormuz. Additionally, the OPEC+ group agreed to increase oil production quotas in August to boost supply, with Gulf countries benefiting from their ability to pump more oil.

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