Iran set to reduce February oil prices for Asia on Saudi cuts
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  • National Iranian Oil Co. announced that it will reduce its official selling price of crude oil after Saudi Arabia cut prices on January 6. Iran’s state oil company will set Iranian Light for February shipments at 35 cents a barrel above the average of Persian Gulf benchmark Oman and Dubai grades, based on a quarterly formula tied to Saudi Arabian Oil Co. prices. It will also set February prices for Soroush and Norooz grades, which are shipped only to Asia and the Mediterranean.

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