Iraq and Iran joined Saudi Arabia in cutting their oil prices for Asia, selling it at large discounts to protect their market shares, Bloomberg reports.
Iraq’s Basrah Light crude will sell at $4.10 a barrel below Middle East benchmarks, the steepest discount since at least August 2003.
The National Iranian Oil Company said its official selling price will be at a discount of $2.10 a barrel, the steepest since at least March 2000, RBC reports.
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