Posted on 08/13/2018 2:46:17 PM PDT by bananaman22
The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.
Saudi Arabia, OPEC’s largest producer, has been boosting oil production to offset supply disruptions elsewhere, including the anticipated loss of Iranian oil supply after U.S. sanctions on Tehran return in early November. The Saudis are also cutting their prices to the prized Asian market to lure more customers as they increase supply.
Iran, OPEC’s third-largest producer, is trying to convince its oil customers to continue buying Iranian oil despite stringent U.S. efforts to curb Iranian production.
(Excerpt) Read more at oilprice.com ...
How crude. Our competitions are more refined.
Odd... I just read here on FR yesterday Saudi was cutting production
“I just read here on FR yesterday Saudi was cutting production”
From the same source too - Oilprice.com
I think the other report was that the Saudis were not significantly refilling their storage tanks (stockage levels were blow average), even though they had said that they would increase production. They may just have some logistical delay, but were moving to to turn up the flow soon. Or maybe they are already shipping more out, rather than storing it.
Going out and signing deals to deliver more (which this article reports), does show that they intend to produce more.
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