Saudi Arabia is expected to cut the price of crude oil it sold to Asia in July

On May 28, according to Reuters, sources said that Saudi Arabia may cut the price of most crude grades it sells to Asia in July, which will be the first reduction in five months. Asia accounts for 82% of Saudi Arabia's oil exports, and the potential price drop highlights the pressure on OPEC producers as supply from non-OPEC countries continues to grow and the global economy faces headwinds. At the June 2 meeting, OPEC + may extend the voluntary production cut agreement. Saudi Arabia usually releases the price of crude oil exports around the 5th of each month, affecting the price of crude oil shipped to Asia by more than 9 million barrels per day. The chart below shows the expected price of Saudi crude oil by grade in July (in USD/barrel and relative to the average price in Oman and Dubai). < br > < img src = "https://flash-scdn.jin10.com/999e6fd2-bc40-4812-aaa4-88319d112519.png" referrerpolicy = "no-referrer" >