No Guarantee Saudis to Repeat Price Cut That Drove Oil Lower - Bloomberg

No Guarantee Saudis to Repeat Price Cut That Drove Oil Lower - Bloomberg:



"Asian traders are split on whether Saudi Arabia will deepen the crude price cuts that propelled oil into a bear market this month.



State-run Saudi Arabian Oil Co. will announce official selling prices for supplies to buyers in Asia for December next week after cutting prices to the lowest in almost six years for a month earlier. The world’s biggest oil exporter will further discount supplies, according to seven respondents in a Bloomberg survey of traders. Six people forecast prices to be unchanged and two predict an increase.



Saudi Arabia’s decision may signal whether the biggest producers in the Organization of Petroleum Exporting Countries will offer bigger discounts to defend market share as the highest U.S. output in three decades boosts global supplies. After the most recent price cut on Oct. 1, Brent crude tumbled 9 percent and West Texas Intermediate slumped 11 percent amid speculation that OPEC won’t reduce production."



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