Saudi Arabia slashes August oil prices for Asia by $11 in biggest cut in over 20 years

Saudi Arabia has slashed its crude oil prices for Asian customers by a significant $11 per barrel for August, the largest reduction in over two decades. This move reflects weakening demand in Asia and easing geopolitical tensions, which have stabilized global oil markets. With supply conditions improving and Middle Eastern shipping routes normalizing, Saudi Aramco is adjusting its strategy to maintain market share amidst increased competition.

By TOI BUSINESS DESK