Saudi Arabia leads war of prices against Russia

Saudi Arabia last week lowered the Asia oil prices in the range of 0.7 to 1.3 dollars per barrel, depending on the fuel type. The decision was taken against the background of the competition for market share with Russia, Iran and Iraq, the informed source in the industry told to The Wall Street Journal.

"This reduction was made in order to strengthen the competitiveness of Saudi Arabia against other players from the Middle East and Europe on the Asian market"
In China, Riyadh competes primarily with Moscow, which in June exported to China by 9 per cent more oil than the same period in 2015 - up to 4 million tons. Meanwhile, the Saudi exports fell by 14 per cent this month - to 4.6 million tons of oil.