Saudi Arabia to Cut Oil Prices for Asia as OPEC+ Sticks with Output Hike

Saudi Arabia is slashing crude prices again, this time across all grades headed to Asia, and it’s happening quite fast. Saudi Aramco, the kingdom’s state oil company, just dropped the price of its flagship Arab Light crude by $1 per barrel for October shipments, according to a latest pricing sheet. That’s a lot steeper than expected, as Bloomberg’s survey shows that refiners and traders were only betting on a 50-cent cut, not a full dollar. The new price premium sits at $2.20 per barrel above the regional benchmark, which is low, especially compared to what buyers were bracing for. This price slash comes as OPEC+ locked in a decision to ramp up supply through September 2026, starting with 137,000 more barrels daily starting in October 2025.