Iraq Tracks Saudi Arabia With Discounts for Its Crude Oil Sales
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Iraq priced its crude more competitively in the U.S. while raising costs for customers in Asia and Europe, mirroring moves a week ago by Saudi Arabia, the world’s largest oil exporter.
The second-biggest producer in the Organization of Petroleum Exporting Countries is offering December cargoes of its Basrah Light grade to the U.S. at a discount to the local benchmark, instead of a premium charged in November, the country’s Oil Marketing Co., known as SOMO, said today. Saudi Arabia reduced prices last week for December shipments to the U.S.