Saudi Arabia slashes crude prices by most in 26 years amid OPEC+ output surge

Saudi Arabia has implemented its steepest crude oil price cut in 26 years, signaling intensifying competition among global oil producers. Major Persian Gulf nations are ramping up output and restoring export volumes to pre-war levels. The move aligns with an OPEC+ decision to raise production targets further for August. Indian refiners stand to benefit from the lower prices, which will also ease the government's fuel subsidy burden. Cheaper energy costs are expected to help keep inflation in check and boost consumer spending in India.