Tehran, Iran, Oct. 11
By Milad Fashtami - Trend:
The National Iranian Oil Company (NIOC) Director for International Affairs Seyyed Mohsen Qamsari said his company has no plan to enter a price war with Saudi Arabia.
The NIOC changed its crude oil selling formula due to a decrease in demands, Iranian Mehr news agency quoted him as saying Oct. 11.
"We don't intend to race with Saudi Arabia or any other OPEC member," he explained.
Bloomberg reported Oct. 10 that Iran will sell its crude to Asia in Nov. at the biggest discount in almost six years, matching cuts by Saudi Arabia as Brent crude slides deeper into a bear market.
The state-run NIOC cut official selling prices of its crude to buyers in Asia for Nov., two people with knowledge of the pricing decision said yesterday.
The decrease came a week after Saudi Arabia, the world's largest oil exporter, reduced the price of Arab Light crude for Asia to the lowest since Dec. 2008.
Brent crude, the international benchmark, fell to the lowest in almost four years on Oct. 10.
The state-owned Saudi Arabian Oil Co. on Oct. 1 cut prices for all grades and to all regions for November.