Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader OPEC+ deal.
Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners' margins.volunteered to cut outputState oil company Saudi Aramco is expected to cut the official selling price for Arab Light crude in August by about 50 cents a barrel from the prior month, according to a Reuters survey of six refining sources.
"Saudi needs to trim prices to reflect the market movements. They have gone a bit too far from the reality in the past few months," said one survey respondent.
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