Saudi Arabia cut its oil price to compete for shares with Iraq and Iran

[SocalDinar]

Saudi Arabia cut its oil price to compete for shares with Iraq and Iran
 

 

 

Baghdad/Obelisk: Saudi Aramco has reduced significantly the official selling price for oil to Asian customers in November in the clearest indication so far that the largest oil exporter in the world trying to compete for market share.

The step came amid calls from some OPEC action to support prices at a time when global crude price fell standard Brent to its lowest level in two years.

But lower prices indicates that Saudi Arabia will probably its policy has long been based on providing the market with sufficient supplies at the time competing with countries like Iraq and Iran to be the largest supplier to the fast-growing economies such as China.

Brent contracts changed the standard direction following the announcement of the price to turn to land at the end of the transaction.

And Brent when leveling 51 cents to 94.16 dollars a barrel, the lowest settlement since when yonioz 2012 after earlier rising to $ 96.23 a barrel.

A dealer said Brent declined strongly. Will relinquish most of gain today because of this. "

Another dealer said the fourth consecutive monthly reduction in prices shows that Saudi Arabia might try to start a "price war" with competitors of the producers. The regional rival Iran oil faces budget deficit because of falling prices and Western sanctions.

Aramco said it lowered the price of its rough Arab light for Asian buyers in November by one dollar compared with October to be lower by $ 1.05 a barrel on average Oman and Dubai Khami.

And the State-owned company lowered the official selling price of Arabian Light crude shipments to North West Europe by 40 cents in November compared with October to less than the $ 3.95 a barrel to Brent's weighted average.

The price of light sweet crude shipments to the United States at 2.05 dollars a barrel above the Argus index for high-sulphur crude in November by 40 cents per barrel compared with October.

Dealers currently awaits OPEC meeting in November in Vienna to see if the Organization could cope with abundant supplies of oil shale boom in North America and recovery in production of Libya which pushed oil prices below $ 95 a barrel for the first time since the year 2012.

 

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[wbuse984]

Thanks for the post...North Dakota oil and now a big strike in Texas announced in the last few days are going to change game in Oil if the idiots in Washington ever pull their collective heads out of their arses...but nothing will happen on drilling and exploiting our oil resources until the idiot in the White House is removed...

[MyLadiesDaddy]

That's not exactly true. Private property drilling in North Dakota alone has increased

our oil output to it's highest level in decades.

Eventually, Obama will be gone and public drilling will begin. The main issue with

oil isn't who's got it, but how cheap is it to get out of the ground. So look for a much

weaker dollar before we get into public drilling.

PRAY FOR REVIVAL EVERYDAY

ETD