Bloomberg reported that Saudi Arabia has reduced the official price of its main crude oil for Asian customers in August by $11 per barrel; the largest cut for this market in at least the past 26 years. According to the report, Saudi Aramco set the price of Arab Light oil for Asia at $1.50 below the Oman/Dubai benchmark. Bloomberg wrote that the decision was made as a global increase in supply, the gradual resumption of exports via the Strait of Hormuz, and greater competition among Gulf producers to attract Asian buyers have weakened the energy market.