Saudi Arabia effects deepest crude price cut in 26 years

Saudi Arabia significantly reduced crude oil prices, reflecting intense competition among producers. Major Persian Gulf nations are increasing their oil output, restoring pre-war export levels. This move coincides with OPEC+ allies agreeing to further boost production targets for August. Lower oil prices and increased supply will benefit Indian refiners and reduce government subsidy burdens. Reduced energy costs for Indian companies will help control inflation and support consumer spending.