Economics
U.S. Sanctions on Iran Up the Ante in Mideast Oil Price War
- Iran Light oil to Asia cheapest in 14 years versus Saudi grade
- Fight for market share reignited as Asian customers shun Iran
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A price war is brewing between top oil producers in the Middle East, and the U.S. may be at the heart of it.
State-run National Iranian Oil Co. reduced official prices for September sales to Asia across all grades, said a company official on Friday, who asked not to be identified because of internal policy. The Light crude pumped by OPEC’s third-largest producer will be sold at its cheapest level in 14 years versus a similar variety from rival group member Saudi Arabia, according to data compiled by Bloomberg.