Gulf Oil Exporters Slash Prices as Buyers Gain the Upper Hand

Gulf oil producers are in a race to offer discounts to entice buyers, with Saudi Arabia’s latest price cut for Asian importers the sharpest in decades but unlikely to boost sales.

Saudi Arabia yesterday cut its official selling price for crude to Asian buyers by as much as $11 per barrel, Reuters reported, but other Gulf exporters are cutting even deeper in order to sell their barrels that have sat in the Gulf for over three months.

“The sharp month-on-month cuts to Saudi term OSPs came as little surprise, with competing Middle Eastern…