Iran Denies Oil Price Cut Aimed At Competing With Saudi Arabia

Tehran, Oct 12, IRNA – Managing Director of International Affairs of the National Iranian Oil Company denied reports that a cut in Iran’s oil price was due to attracting more customers. He said the price of Iranian oil was slashed to match Saudi oil price. Seyed Mohsen Qamsari said the price of Iran’s oil has always been parallel and competitive with that of Saudi Arabia, adding that the recent cut in Iran’s oil price was not significant. Asked if Iran would follow Saudi Arabia in slashing its oil price for Asian customers, the official said the oil price is announced on monthly basis and in accordance with market fluctuations. This has nothing to do with competition with Saudi Arabia, he told IRNA. According to Qamsari, official price of Saudi oil in current month has been cut in all markets as compared to the previous month and thus reduction in price of Iran’s oil is natural an aimed to match the Saudi price. This has technical reasons and has nothing to do with competition between the two countries. “Economic situation, supply and demand in the market and price of products currently available in the operational market are some of the reasons for the cut.”/end