Saudi Arabia strikes back in oil price war

With a new price cut, Saudi Arabia enters the price war among the oil-producing countries. The goal is to breathe life into Asian growth and deter US production.

Photo: SaudiAramco

Saudi Arabi have brought down their oil prices to keep up with competitors in the OPEC lands and the US.

While US oil production is rising despite low oil prices, members of OPEC (Organisation of the Petroleum Exporting Countries) have entered the price war to maintain their market share, including Saudi Arabian oil company, Saudi Aramco, reports MarketWatch.

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