Saudi ​Arabia ⁠has set the ‌August Arab Light crude oil official ​selling price to Asia ​at $1.50 a barrel below ​the Oman/Dubai average, its lowest level ⁠since June 2020, a pricing document reviewed by Reuters showed on ​Monday.

This ‌deep cut ⁠comes ⁠after spot crude markets tumbled ​on rising Middle ‌Eastern supplies.

The ⁠OSP for the previous month was a premium of $9.50 a barrel.

The cut was larger than market expectations, which had been for a ‌premium of $1.50 to $3.00 a barrel ⁠above the ​average of Dubai and Oman quotes.

(Reporting by Siyi ​Liu and ‌Ashitha Shivaprasad; Editing ⁠by Joe Bavier ​and Louise Heavens)