Price War Expected
Brent fell to $89.29
today, a 20 percent decline from its June peak of $110. And Iran and Saudi Arabia
trimmed prices for November crude shipment to Asia. (Bloomberg, 9 October)
The Saudis reduced prices
to lowest since 2008, signaling the start of a potential price war between OPEC
members seeking to maintain market share.
“The reporting that Iran (is also) cutting November prices is adding to concern that there will be a struggle with the Saudis over market share,” said Bob Yawger, director of the futures division at Mizuho Securities. (Bloomberg, 9 October)
File photo: Iran's oil export terminal at Kharq Island (Getty Images)
“The reporting that Iran (is also) cutting November prices is adding to concern that there will be a struggle with the Saudis over market share,” said Bob Yawger, director of the futures division at Mizuho Securities. (Bloomberg, 9 October)
File photo: Iran's oil export terminal at Kharq Island (Getty Images)
2 comments:
extremely bad news for Iran.
Good news for Iran and bad news for the occupying thieves who are holding Iran to ransom.
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