Saudi Arabia’s oil giant Aramco has cut the crude oil shipments loading in July to at least five of its customers in Asia, Reuters reported on Monday, quoting sources familiar with the plans. The move from OPEC’s top producer and the world’s largest oil exporter comes after Saudi Arabia hiked its official selling prices (OSPs) for July by the most in at least 20 years . Last week, after the OPEC+ group had agreed to extend its record collective cut of 9.7 million bpd by one month to the end of July, Saudi Aramco sharply raised its prices for all grades to all regions. The pricing of Saudi crude, typically released around the fifth of each month, generally sets the trend for the pricing for Asia of other Gulf oil producers such as Kuwait, Iraq, and Iran. The pricing of Saudi Aramco, the Kingdom’s oil giant, affects as much […]