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2014-09-08 18:15:00

OIL PRICES REDUCTION

OIL PRICES REDUCTION

Saudi Arabia cut October selling prices this week to customers in Asia, Europe and the US, in a sign that Opec's largest producer is unlikely to curb production even amid an excess of crude oil supply.

The state-owned oil company Aramco reduced prices for its main oil export grade – Arab Light – to Asia by $1.70 a barrel in October from September, to a discount of 5 cents a barrel to the Oman-Dubai benchmark.

Prices to the Mediterranean fell by 95 cents a barrel, to a discount of $3.20 against the Brent benchmark. The same grade going to the US and northwest Europe declined by 40 and 70 cents respectively to…

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Tags: SAUDI, ARABIA, OPEC, OIL, ASIA, EUROPE, US, SHALE
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