Saudis Aim to Get Ahead in Europe as Oil Competition Intensifies
- Kingdom cut official crude selling price to Northwest Europe
- Competition to intensify next year as Iran returns, JBC Says
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Saudi Arabia is cutting prices and courting new customers in Europe in the face of growing competition from fellow OPEC members.
The kingdom is responding to an increase in Iraqi shipments and Iran’s preparation to resume exports after sanctions by cutting prices and making rare crude sales to refiners in Poland and Sweden, according to JBC Energy GmbH. This comes after competition also heated up in Asia, said consultant KBC Advanced Technologies Ltd.