Saudi Arabia throws down the gauntlet to Iran in battle for Asian oil market

‘Riyadh has cut oil prices to Asia by $1.60 per barrel, the most in 10 months, signaling mounting competition with fellow OPEC member Iran. Saudi Arabia is ramping up exports to regain market share.
State-run Saudi Aramco plans to sell Arab Light crude at $1.10 per barrel below the Asian regional benchmark, starting September. Experts had expected a $1 per barrel drop.
Prices for Light and Extra Light crude for US clients was cut by 20 cents and 40 cents respectively with the Medium and Heavy grades left unchanged. The company raised prices on all grades except Extra Light to northwest Europe and the Mediterranean.’
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