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Saudi Arabia Cuts Oil Price to Asia as Iran Battle Heats Up

  • Market share battle ‘back in a big way’: John Kilduff
  • Extra Light, Light pricing for U.S. clients also reduced
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Saudi Arabia Fights for Oil Market Share Amid Low Demand

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Saudi Aramco, the world’s largest oil exporter, lowered the pricing terms for Arab Light crude sold to Asia by the most in 10 months, signaling Saudi Arabia has no plans to back down while OPEC rival Iran tries to regain market share amid a global oversupply.

State-owned Saudi Arabian Oil Co. said Sunday it will sell cargoes of Arab Light in September at $1.10 a barrel below Asia’s regional benchmark. That is a pricing cut of $1.30 from August, the biggest drop since November, according to data compiled by Bloomberg. The company was expected to lower the pricing by $1 a barrel, according to the median estimate in a Bloomberg survey of eight refiners and traders.