OPEC Producers Cut Oil Prices to Asia in Battle for Market Share
Could Saudi Arabia Survive Oil Plunging to $20?
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Iraq, Kuwait and Iran joined Saudi Arabia in cutting their March crude prices for Asia, signaling the battle for a share of OPEC’s largest market is intensifying.
Iraq’s Basrah Light crude will sell at $4.10 a barrel below Middle East benchmarks, the deepest discount since at least August 2003, the Oil Marketing Co. said Tuesday. National Iranian Oil Co. said its official selling price for March Light crude sales will be a discount of $2.10 a barrel, the widest since at least March 2000, according to a company official who asked not to be identified because of corporate policy. Kuwait Petroleum Corp. said Wednesday its discount will be $4.10, the biggest since August 2008.