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Saudi Arabia reduces crude prices
Saudi Arabia lowered the official selling price of the Arab Light crude for September 2026 by two dollars, reaching the lowest level since June 2020, following a decline in oil prices during the previous month. This comes amid expectations of talks between Iran and Oman about the possible reopening of the Strait of Hormuz, a passage through which approximately 20% of the world's oil supplies pass. Saudi Aramco has requested its Asian customers to submit their oil shipment orders by August 7, 2026, with alternative options in case the strait remains closed. The focus is on exports of Arab Light crude from Ras Tannurah port or utilizing the ports of Yanbu and Sidi Kerir as alternatives, with increased shipments from the Egyptian port of Sidi Kerir to accommodate potential changes.
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