Saudi Arabia Slashes Crude Prices by $11 a Barrel Amid Intense Competition

oil prices Saudi Arabia OPEC+

L'essentiel

Saudi Arabia dramatically cut crude oil prices by $11 a barrel for August, the steepest drop in 26 years, signaling intense competition among producers.
This move, following a previous $6 cut, brings oil prices to pre-Feb 28 levels and is expected to benefit India by reducing refiner losses and government subsidy bills.

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Saudi Arabia dramatically cut crude oil prices by $11 a barrel for August, the steepest drop in 26 years, signaling intense competition among producers. This move, following a previous $6 cut, brings oil prices to pre-Feb 28 levels and is expected to benefit India by reducing refiner losses and government subsidy bills.

Read the full article on Times of India

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SujetsSaudi Arabia OPEC+Russia India crude oil Strait of Hormuz

This article was originally published by Times of India.

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