Saudi Arabia cuts October Official Selling Prices as refinery margins weaken

In response to weakening refining margins, Saudi Arabia cut its October Official Selling Price to Asia in order to incentivize more crude buying from refiners, where Russia remains a primary competitor. Saudi Arabia also cut its Official Selling Price to U.S.  (60 cents/b less) and European (20 cents/b less) buyers, however price cuts to European buyers were by far the smallest.