Saudi Arabia Slashes Oil Prices as Iran Ramps Up Production
They’re drilling down on the competition. Iran’s trying to make up for lost time in the oil export game, and is now shipping 400,000 barrels a day to Europe. That’s about half of Saudi Arabia’s daily total, but it’s enough that the kingdom, also jockeying with Iran for political power and influence in the Middle East, is playing hardball, slashing European prices by 10 to 35 cents a barrel. Meanwhile, it upped prices by 10 cents in the U.S. — where Iran’s not yet allowed to sell.
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