On 8/1/2024, Saudi Aramco announced the slashing of the official selling price (OSP) for Arab light crude prices to Asia from $2 a barrel to $1.5.
Saudi Minister of Energy Prince Abdulaziz Bin Salman (ABS) is coordinating with Saudi Crown Prince Mohammad (MBS) on the current state of the oil market and the next steps to be taken.
The following note provides a comprehensive overview of the following aspects:
- Saudi reasons for slashing Arab light crude prices
- Saudi plans for next OPEC+ meeting
- ABS' views on long-term oil prices
- MBS’ view
