SINGAPORE: Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia for a second straight month in September after Middle East benchmark prices weakened.
The official selling price (OSP) for flagship Arab Light crude could drop by at least 50 cents a barrel, falling below a premium of USD 2 a barrel for the first time in four months, a Reuters survey of five buyers in Asia showed.
The cuts would track a backwardation between prompt and third month Dubai prices that narrowed by 70 cents a barrel in July versus June. Spot prices are higher than those in future months in a backwardated market.
