Iraq Follows Saudis in Oil Price Cuts for Asia, Europe

Source: Reuters 10/12/2014, Location: Middle East

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.

The following table shows Basrah Light and Kirkuk OSPs in U.S. dollars for November (October prices in brackets): Crude Oil Americas Europe Far East

ASCI Dated Oman/Dubai
Brent Basrah +0.40 (+0.40) -5.40 (-4.75) -3.15 (-2.50) Kirkuk +2.00 (+2.00) -3.95 (-3.35) n/a

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