Saudi Arabia Cuts Oil Prices for Asia as OPEC+ Adds Barrels
Crude oil storage tanks at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia.
Photographer: Simon Dawson/BloombergSaudi Aramco cut the price of its main oil grade to buyers in Asia after OPEC+ continued with its outsized output increases for a third month.
The Saudis led the producer group over the weekend in agreeing to raise production by 411,000 barrels a day in July, a third straight month of outsized hikes. In tandem with US President Donald Trump’s trade war, the supply increases have helped drive benchmark oil prices about 12% lower in London since early April.