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Oil Marketing Company: No price war within OPEC
December 11, 2014, 16:23
Baghdad _ ((eighth day))
Issued the Iraqi Oil Marketing Company (SOMO) on Thursday issued a statement denying the existence of a price war within the Organization of Petroleum Exporting Countries (OPEC) said that the market alone is paid to the cuts that witnessed the official selling prices lately.
The statement came after Iraq cut the official selling prices in January this week.
The statement said that "reducing the Sumo prices shipments sold to Asia and the United States in recent times in line with the main markets for crude and refined products."
According to the statement issued by the Falah al-Amiri, general manager of Sumo The reduction is entirely consistent with the market structure and therefore no basis for the existence of a price war.
Some traders and analysts said that OPEC members may compete on price cuts in an effort to protect their share of the oil market with rapidly increasing the production of American oil shale, which contributed to the decline in the world price of Brent crude 45 percent since June.
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December 11, 2014, 16:23
Baghdad _ ((eighth day))
Issued the Iraqi Oil Marketing Company (SOMO) on Thursday issued a statement denying the existence of a price war within the Organization of Petroleum Exporting Countries (OPEC) said that the market alone is paid to the cuts that witnessed the official selling prices lately.
The statement came after Iraq cut the official selling prices in January this week.
The statement said that "reducing the Sumo prices shipments sold to Asia and the United States in recent times in line with the main markets for crude and refined products."
According to the statement issued by the Falah al-Amiri, general manager of Sumo The reduction is entirely consistent with the market structure and therefore no basis for the existence of a price war.
Some traders and analysts said that OPEC members may compete on price cuts in an effort to protect their share of the oil market with rapidly increasing the production of American oil shale, which contributed to the decline in the world price of Brent crude 45 percent since June.
[You must be registered and logged in to see this link.]
