OPEC+ Hiked for a Fifth Month. The Louder Signal: Saudi Oil Is Now Selling at a Discount.
OPEC+ approved the expected 188,000 bpd increase for August on Sunday and oil barely moved. The sharper news came from Aramco, which cut its flagship crude to Asia by $11, to a discount for the first time since the 2020 price war. Riyadh is fighting for the buyers it lost during the blockade.