|10-02-2014, 04:19 PM||#1|
State-owned Aramco cuts official oil prices for Asian customers
The Saudi Arabian Oil Company Aramco slashed official oil prices for Asian buyers in November, the state-run company said on Wednesday, acting against calls from the OPEC to shore up prices.
This gives a strong signal that Saudi Arabia, the world’s largest export of oil is ready to fight for market share.
The price cut will easily allow Saudi Arabia to maintain its long-stated policy of supplying enough oil to global customers while also competing to supply fast-growing economies like China with major oil exporters like Iran and Iraq.
The November Brent contract reversed its course after the new prices were released, and turned negative in late trade on Wednesday.
The drop extended on Thursday, with Brent falling 2.26% to $92.03 per barrel.
Aramco cut its flagship Arab Light selling price by $1 per barrel to a discount of $1.05 to the Oman/Dubai average. Traders were shocked as they expected a cut by a maximum of $0.70 a barrel.
Focus now shifts to the upcoming OPEC meeting in Vienna this November, where restlessness is waiting.
Members of OPEC are expected to respond to the price cut by state-owned Aramco, while on the same time will be discussing how to deal with abundant supplies coming from the North African shale oil boom and a recovery in Libya oil output, which pulled oil below $95 for the first time in more than two years.
Some OPEC members that generally call for higher prices like Iran and Venezuela night put some pressure on the group to take action on rising supplies.
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