Energy

Saudi Arabia unexpectedly cuts November oil prices to Asia to 6-year lows - Reuters

Source: Reuters

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DW NOTE

Saudi Arabia is cutting prices into a market where the Strait of Hormuz has been closed for eight days and global supply is down 6%. That's not a discount — it's a fire sale to defend market share against buyers who can no longer access 20% of the world's seaborne oil. When your main export chokepoint is shut and prices are falling anyway, the cartel is already dead.

Read the full story at Reuters →

The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.

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Saudi Arabia unexpectedly cuts November oil prices to Asia to 6-year lows - Reuters

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