By
Saudi Aramco has cut the September price for its Arab Light crude grade for Asian customers by $0.70 a barrel versus August to a premium of $1.20 a barrel to the Oman/Dubai average, the lowest in four months, according to industry sources and Reuters data.
The price reduction for September ranges from 40 cents a barrel for Arab Medium to 70 cents for light grades, they said.
The cuts were at the larger end of forecasts seen in a Reuters survey and tracked weakness in the Middle East oil benchmark Dubai.
The price cuts may enable Saudi to sell more crude to Asia, a Singapore-based trader said.