Saudi Arabia may cut July prices for oil supplies to Asia — Reuters

Saudi Arabia may lower the price of its oil for Asian buyers in July to the lowest level in six months due to an increase in OPEC+ supply. This information comes from industry sources surveyed by Reuters.

The official selling price of Arab Light crude could decrease by 40 to 50 cents per barrel compared to last month. The July prices of Arab Extra Light, Arab Medium, and Arab Heavy grades are expected to drop by 30 to 45 cents per barrel compared to June.

Reuters reports that Saudi Arabia made this decision after OPEC+ announced an increase in total oil production of nearly 1 million barrels per day (bpd) in April, May, and June. The eight OPEC+ countries, who are set to meet on Saturday, may decide to boost output by an additional 411,000 bpd in July, according to the news agency's sources.

This supply increase comes at a time when tariff uncertainty caused by US trade policy has jeopardized global economic growth. One of the respondents said some crude oil cargoes remained unsold from the previous month.