What Did Saudi Arabia Do To Oil Prices On Monday?
On Monday, July 6, Saudi Arabia announced that it is slashing the official selling price for the Arab Light Crude to Asian buyers for the month of August by $11 per barrel.
This marks the deepest price cut by Saudi Arabia in 26 years and prices the crude at a discount of $1.5 a barrel to the regional benchmark housed in Oman / Dubai.
Saudi Arabia is India’s third-largest crude oil supplier, with an import value of $2.59 billion, or 16.03% of the total imports for the January-March period of 2026.
Russia comprises of around 50% of the total Indian imports.In a note published last week, brokerage firm ICICI Securities had said that the oil prices in their current range, imply stickiness of retail margins at the recent elevated levels between ₹8 to ₹10 per liter.
ICICI Securities also went on to say that the earnings profile for these oil marketing companies, could change materially over the next 12 months.
How Have OMC Stocks Fared In 2026 So Far?
Shares of HPCL ended little changed on Monday at ₹400. The stock is up 7% in the last one month but is still down 20% so far for the year.Shares of BPCL also ended little changed on Monday at ₹308.6. The stock has risen 8% in the last one month, but is still down 19% year-to-date so far.
Shares of Indian Oil Corporation had ended 0.3% higher on Monday at ₹141.9. The stock is up 5% in the last one month but down 15% so far this year.
