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situation report

Dec 11, 2014 | 17:25 GMT

1 min read

Kuwait: Oil Discount To Asia Biggest In Years

Kuwait Petroleum Corp., the state-run oil company, will sell its crude oil at $3.95 a barrel below the regional benchmarks, the biggest discount since December 2008, Bloomberg reported Dec. 11. Saudi Arabia and Iraq also cut oil prices for Asia following the Organization of Petroleum Exporting Countries' decision to maintain production levels, which ensured that global oil prices would stay low. It is likely that Middle Eastern countries are lowering prices to defend their market shares. Kuwait has sold crude oil to Asia at a discount since at least 2000.

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