Gulf states defending Asia market share in oil price war

Singapore

SAUDI Arabia's move to slash the price it charges in Asia for its oil this week to the lowest in more than a decade is the latest aggressive action by Gulf states to defend market share in the world's top oil consuming region.

A price war between producers has raged since Saudi Arabia and its Gulf Opec allies last November chose to keep their taps open in a bid for market share over price, sending oil prices down more than a third to under US$50 a barrel in just two months.