Some Chinese refiners have not nominated term crude cargoes from Saudi Arabia for August, while others have not been allocated any term supply for next month, as weak demand, competition from other producers, and disruptions at the Strait of Hormuz slash Saudi supply. At least two refiners did not ask for any term cargo deliveries for August, and a few others have not received provisional allocation volumes, according to traders. Since the war began, Saudi Arabia has been allocating between 10 million and 20 million barrels per month to China, down from about 40 million barrels on average last year. Saudi Aramco recently slashed its flagship Arab Light grade to a rare discount of $1.50 per barrel below the Oman/Dubai benchmark for Asia, but faces stiffer competition from fellow Gulf exporters offering even bigger discounts and loadings outside the Strait of Hormuz with cheaper freight costs.