New Khafji Price Effective 1 July 

Kuwait has notified the Arabian Oil Company (AOC) that the 50 cent/B reduction in the price of 28° API Khafji crude from the Neutral Zone in accordance with the majority decision at the last OPEC meeting in Geneva (MEES, 29 July) is to be retroactive to 1 July. The new Khafji price is $26.03/B, with the price of 35° API Hout crude from the Neutral Zone remaining unchanged at $27.60/B.