Saudi Arabia Expected to Slash Oil Prices Again

Saudi Arabia is expected to slash again the official selling prices of the crude it will load for Asia in July amid weakening demand and narrowing spot Middle East crude premiums, a Reuters survey of industry sources showed on Friday. Saudi Arabia, the world’s top crude exporter, is set to cut the official selling price (OSP) for its flagship Arab Light crude loading for Asia in July by $3 to $8 per barrel from June, to a premium of between $7.50 and $12.50 a barrel over the average Oman/Dubai prices, the benchmark for Middle East’s…