FINANCIAL NEWS

Saudi, Kuwait unlikely to follow Iraq in major shift in oil prices

30 Aug 2017

(MENAFN) Gulf OPEC members KSA and Kuwait are unlikely to follow Iraq in a main shift in the way it prices its oil in Asia and will monitor Baghdad’s try to squeeze more dollars from its reform.

Moreover, the switch aimed at enhancing revenues from oil exports at a time of low prices, trailed years of talks with the DME.

Meanwhile, Iraq’s move is pending consultations with its customers, while it asked customers for feedback on the plan by Aug, 31.

Additionally, Mideast oil producers have referenced Saudi’s official crude prices when setting their own monthly crude selling prices.

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