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FINANCIAL NEWS
Kuwait cuts its oil prices for January
11 Dec 2014
(MENAFN) Kuwait’s Oil Ministry said that it has set its official selling price (OSP) for its crude oil sales to Asian buyers at a lower price for January, Arabian Business reported.
The January OSP, which is down USD1.85 a barrel from the previous month, is Kuwait’s lowest since December 2008 and is in line with a similar move done by Saudi Arabia.
Last week, Saudi Arabia decreased its prices of its crude to Asia and the United States, with the discounts on Saudi crude oil for Asian customers in January being the biggest since at least 2002, while prices were cut to the United States for the fifth month in a row.
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