Saudi Arabia has reduced the official selling price (OSP) for its flagship Arab Light crude oil to Asian customers for September, reaching the lowest level in six years.

The state-owned oil giant, Saudi Aramco, set the September OSP for Arab Light crude sold to Asia at a discount of $2.00 per barrel against the Oman/Dubai average. This pricing marks the weakest point since June 2020. In the previous month (August), Saudi Arabia had implemented its steepest price cut in over two decades, setting the discount at $1.50 per barrel.

Beyond the flagship Arab Light grade, Saudi Arabia made adjustments to other crude varieties for the Asian market. The Super Light crude was priced at a $0.35 per barrel discount, a decrease of $0.50 from the August premium of $0.15 per barrel. The Extra Light crude was set at a $1.50 per barrel discount, down $0.50 from August's $1.00 discount. In contrast, the Medium crude grade was priced at a $2.00 per barrel discount, an increase of $1.25 from August's $3.25 discount. The Heavy crude grade was also raised, set at a $3.35 per barrel discount, up $1.25 from the previous month's $4.60 discount.