Iraq Follows Saudi Cuts as Brent Slides to 4-Year Low

Iraq will sell its Basrah Light crude to Asia at the biggest discount since January 2009 as it follows Saudi Arabia and Iran in cutting prices amid a slump in Brent futures to the lowest in almost four years.

Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, trimmed the price differentials for supplies to Asia and Europe for November, the country’s State Oil Marketing Co., known as SOMO, said today. Futures slid as much as 2.7 percent in London to the lowest intraday level since December 2010, and West Texas Intermediate lost 1.2 percent after tumbling into a bear market last week.