Sunday 21 October 2018
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freemalaysiatoday
2 months ago

US sanctions on Iran the reason for Mideast oil price war?

SINGAPORE: A price war is brewing between top oil producers in the Middle East, and the US 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. The Persian Gulf state is slashing the relative cost of its exports versus OPEC’s No. 1 producer at a time when buyers in Asia the world’s biggest oil consuming region face mounting pressure from the US to halt purchases from the Islamic Republic. The price of so-called medium-heavy sour grades Iranian Heavy and Forozan Blend were also cut against the similar Saudi varieties to the lowest since 2000, when Bloomberg began collating data. The price of Iranian oil, as well as the country’s

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