Saudi Arabia reduces oil prices to entice more buyers

Saudi Arabia’s state oil giant Saudi Aramco slashed the September official selling prices (OSPs) for all its grades and to all markets except for to the US, as it seeks to attract new buyers amid a ramp up in oil production levels.

Key Details (via Oilprice.com):

The pricing for the Saudi flagship grade, Arab Light, was reduced by US$0.70 to US$1.20 a barrel premium over the Dubai/Oman benchmark, used for pricing oil to Asia. 

The cut in Arab Light prices for September was the second consecutive monthly reduction of the OSP to Asia.