OPEC price war in Asia intensifies as oil falls below $50

  January 12, 2015

oil field at nightThe United Arab Emirates (UAE) last week joined Kuwait and Iraq in pricing crude they sell to Asia below that of OPEC’s top producer Saudi Arabia.The discounts show how Gulf members, who account for more than half of OPEC output, are prepared to take on each other to retain market share and, in so doing, put more pressure on global oil prices.

Bookmark the permalink.

Comments are closed