Iran to Cut Heavy Crude Oil Prices for Asia After Saudi Arabia’s Reduction

Bloomberg reports that National Iranian Oil Co. is poised to reduce its official prices for heavy crude to be supplied to Asian refiners next month after cuts by Saudi Arabia yesterday.

The market news is quoted as saying:

The Tehran-based state oil company will set Iranian Heavy for February shipment at 90 cents a barrel below the average of Persian Gulf benchmark Oman and Dubai grades, based on a quarterly formula tied to Saudi Arabian Oil Co. prices. That’s 40 cents lower than for January, when the discount was the smallest in a year.

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