Saudi Arabia increased the oil prices it charges to U.S. buyers
on Thursday but cut them in Asia as it shifts a battle over market
share from America to the Far East.
In an email to clients, Saudi Aramco said it was increasing its
U.S. prices for light oil delivery in March by 15 cents a barrel,
after a U.S. price reduction for the previous month. But it is now
also cutting the price for Asia by 90 cents.
Last fall, the world's largest oil exporter started sharp cuts
in its prices in the U.S. as it sought to defend its share of the
American market against a domestic production boom.
The move contributed to global oil prices falling by more than
half, as the effect was compounded by a Saudi-led decision to keep
a production ceiling unchanged at the Organization of the Petroleum
Exporting Countries meeting in November.
Now the kingdom is also facing competition in Asia from many
fellow OPEC producers, whose sales have been displaced from the
U.S.
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