LONDON--Abu Dhabi National Oil Co. (ADO), or ADNOC, sharply
lowered its oil prices in October, mirroring a steep drop in prices
last month and similar cuts by other members of the Organization of
the Petroleum Exporting Countries.
The United Arab Emirates' state oil company cut the price of all
crude grades by around $10 a barrel in October, slashing the cost
of its flagship Murban oil to $87.35 a barrel compared with $97.95
a barrel in September, according to a release from ADNOC.
Similar cuts by other OPEC members have sparked speculation of a
price war within the group as oil producers scramble to maintain
market share amid ample supply and falling U.S. import demand.
Saudi Arabia, OPEC's largest oil producer, repeatedly cut its
prices throughout the summer, but this month announced it would
raise prices for oil sold in December for most regions.
-Write to Sarah Kent at Sarah.Kent@wsj.com
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