Saudi Arabia made deep reductions to the prices for its oil. Thus the kingdom is battling to keep its share in the world market of raw materials, the Wall Street Journal writes.
In a list of official prices sent to customers, state-oil company Saudi Aramco cut the price of its light-crude deliveries to Asia by $1.7 a barrel. The company also cut its prices for heavy oil by $2 a barrel to the Far East and by 30 cents a barrel to the US.
Other countries in the Middle East made deeper cuts in their official prices than Saudi Aramco last month, Interfax reports.
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