Saudi Aramco cut its July official selling price for Arab Light crude to Asia by $6 per barrel to a premium of $9.50 above the Oman/Dubai average. This is the second consecutive monthly cut after the record $19.50 premium set in May, which itself followed the outbreak of the Iran war. All other Saudi grades to Asia were cut by the same margin, while Mediterranean and Northwest Europe loadings were cut by $10 per barrel and US-bound cargos by $2. The cuts reflect sluggish Asian demand and a sharp softening in spot premiums.