Iraq Follows Saudi Cuts as Brent Slides to 4-Year Low - Bloomberg

Iraq Follows Saudi Cuts as Brent Slides to 4-Year Low - Bloomberg:



"Iraq will sell its Basrah Light crude to Asia at the biggest discount since January 2009 as it follows Saudi Arabia and Iran in cutting prices amid a slump in Brent futures to the lowest in almost four years.



Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, trimmed the price differentials for supplies to Asia and Europe for November, the country’s State Oil Marketing Co., known as SOMO, said today. Futures slid as much as 3.6 percent in London to the lowest intraday level since December 2010, and West Texas Intermediate lost 1.8 percent after tumbling into a bear market last week.



The world’s two most-traded oil futures are collapsing as demand growth slows and output expands in the U.S., Russia and other nations. OPEC’s biggest producers are responding by cutting prices, sparking speculation they are ready to compete for market share. Iran last week said it will sell oil to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia."



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