Iraq has cut its November oil prices for customers in Asia and Europe
following a similar move by top global exporter Saudi Arabia as OPEC
producers compete for market share in the face of weaker global oil
demand and prices.
Strong supplies and weak demand are forcing oil producers to lower prices, with Saudi Arabia - the world's largest crude exporter - cutting November prices for customers last week.
The move was largely interpreted as a move by the kingdom to launch a price war against fellow OPEC members despite calls from some within the organization for action to cut output and shore up prices.
International benchmark Brent crude oil fell below $90 a barrel to near a four-year low due to weak demand and abundant supplies.
Read more: Iraq, Saudi Arabia cut oil prices for Asia, Europe - Personal Finance - ArabianBusiness.com
Strong supplies and weak demand are forcing oil producers to lower prices, with Saudi Arabia - the world's largest crude exporter - cutting November prices for customers last week.
The move was largely interpreted as a move by the kingdom to launch a price war against fellow OPEC members despite calls from some within the organization for action to cut output and shore up prices.
International benchmark Brent crude oil fell below $90 a barrel to near a four-year low due to weak demand and abundant supplies.
Read more: Iraq, Saudi Arabia cut oil prices for Asia, Europe - Personal Finance - ArabianBusiness.com
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