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Saudi Aramco cuts September Arab Light price for Asia again
The discount comes as Iran and Oman near agreement on a Strait of Hormuz shipping route, while Aramco keeps exports near 5 million barrels per day.
Saudi Arabia’s Aramco cut the September official selling price for its flagship Arab Light crude for Asian buyers again, lowering it by 50 cents per barrel to a $2 discount versus the regional benchmark, OilPrice reported.
The move reflects market hopes that more tankers could move through the Strait of Hormuz, a bet that has pushed Brent crude to about $80 per barrel after falling roughly 20% in two weeks.
OilPrice added that despite the shipping optimism, Aramco’s exports through Hormuz remain constrained after past efforts to boost traffic faced renewed attacks and fighting.
The company is also weighing alternatives because the Red Sea route has been made less attractive by Houthi threats near Bab el-Mandeb, with exports kept near 5 million barrels per day and shipments potentially rerouted via Egypt’s SUMED pipeline and loading at Sidi Kerir on the Mediterranean.
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