Gulf states defending Asia market share in oil price war
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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.
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