Demand weakened, Saudi Arabia lowered the price of oil exports to Asia.

On September 6th, Jin10 Data reported that due to growing concerns about weakening demand, Saudi Arabia has lowered the flagship crude oil prices for major Asian markets. The official selling price of Arab Light crude oil for the Asian market has been reduced by 70 cents to $1.3 below the Oman-Dubai region benchmark price. Earlier this week, oil prices experienced a big dump, giving up all the gains made this year, as concerns about weak demand intensified. Despite OPEC+'s agreement to pause the production increase plan for two months on Thursday, crude oil futures have not been able to regain lost ground. The delay in production increase may result in Saudi Arabia's daily exports falling below 6 million barrels, a situation that has persisted over the past three months. The declining refining margins in Asia have also limited the room for Saudi Aramco to boost oil prices.