​Saudi Arabia has ‌set the August ​Arab Light crude ⁠oil official selling price to Asia ‌at $1.50 a barrel below the ‌Oman and Dubai average, its ‌lowest ⁠level since ⁠June 2020, a pricing document reviewed by ​Reuters showed.

This deep cut comes after spot crude ‌markets tumbled on rising West Asian supplies.

The OSP ⁠for the previous month was a ‌premium of $9.50 a barrel.

The cut was larger than market expectations, which had ‌been for a premium ​of $1.50 to $3.00 a barrel above ⁠the average of Dubai and ⁠Oman quotes.