Gulf Oil Producers Relaunch Fight for Market Share in Asia

Saudi Arabia has slashed the price of its crude oil loading for Asia next month by the most in two decades as the world’s top crude exporter and the other major exporters in the Persian Gulf restarted the competition to sell into their biggest market, Asia, after the tentative reopening of the Strait of Hormuz. Saudi Arabia, as well as Iraq, Kuwait, and the United Arab Emirates (UAE), have bet in recent weeks that the situation with the navigability through the Strait of Hormuz will only improve from now on, and have restarted the fight for…