Gulf Oil Producers Relaunch Fight for Market Share in Asia

Gulf Oil Producers Relaunch Fight for Market Share in Asia By Tsvetana Paraskova - Jul 08, 2026, 5:00 PM CDT Saudi Arabia has cut its August crude prices for Asia by the most in 20 years. The Kingdom of Saudi Arabia is offering rare discounts to regain market share as Gulf producers compete aggressively following the partial reopening of the Strait of Hormuz. Competition is intensifying, with the UAE, Iraq, and Kuwait offering even deeper discounts and loading cargoes outside Hormuz, lowering freight costs and making their crude more attractive to Asian refiners.