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The spread on OPEC members’ crude widens as competition increases
Members of OPEC are beginning to cut their own prices relative to one another as the competition over share of global markets, particular Asia, continues to intensify. Traditionally, members of OPEC move prices together, but data today shows Kuwait is undercutting Saudi Arabia by the most on record and Iraq is selling at deeper discounts as well, reports Bloomberg.

Kuwait’s official price for its Export Blend crude to Asia was a record $0.65 cheaper than Saudi Arabia’s simila...

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