Iraq and Iran joined Saudi Arabia in cutting their March crude prices for Asia to the lowest level in more than a decade, signaling the battle for a share of Opec’s largest market is intensifying.
Iraq’s Basrah Light crude will sell at US4.10 a barrel below Middle East benchmarks, the lowest since at least August 2003, the Oil Marketing Co said yesterday. National Iranian Oil Co lowered its official selling price for March Light crude sales to a discount of US$ 2.10 a barrel, the lowest since at least March 2000, according to a company official who asked not to be identified because of corporate policy.
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