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    Monday, June 16, 2008

    Gulf states cut Official Selling Price for oil

    ABU DHABI — Iran and Kuwait have reduced the price of crude oil for export.

    Officials said the two Middle East states reduced the price of heavy crude oil for export. They said this marked the biggest price cut in nearly a decade.

    Under the move, the price of heavy crude was slashed by 50 cents for shipment in July 2008, Middle East Newsline reported. The price of light sweet crude rose $5 in the second week of July.

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    Officials said Iran and Kuwait have sought to demonstrate their commitment to lower prices.

    Kuwait lowered its Official Selling Price of its crude by a 40 cents a barrel discount to a discount of $4.20 a barrel compared to the Oman and Dubai benchmarks.

    Iran reduced the price of its heavy crude by 47 cents to a $3.92 discount per barrel. Saudi Arabia, the world's biggest oil exporter, has reduced its Arab Medium OSP by 35 cent to a $3.70 discount.

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