TEHRAN, Oct. 13 (UPI) -- Iran isn't following the Saudi example of cutting oil prices in an effort to maintain any sort of market presence, a senior oil manager said from Tehran.
Mohsen Qamsari, director of international affairs of the National Iranian Oil Co., said Iranian oil prices aren't falling because of any rivalry with the Saudis.
"Economic conditions, the market supply and demand and the price of petroleum products in the market are some factors behind the price slide," he said Saturday.
Signs of a Chinese economic slowdown and decreased North American demands given the glut of oil there means members of the Organization of Petroleum Exporting Countries are sparring for market shares.
Industry insiders told The Wall Street Journal the Saudis were making an "aggressive" market move by slashing the price at which it sells its oil.
Though Iran and Saudi Arabia are considered strategic rivals, Qamsari said the discount for Iranian crude had nothing to do with historic differences.
OPEC in its latest monthly market report said Iranian crude sold for $96.14 per barrel in September, versus the $95.98 for Saudi blend Arab Light. Both grades for September traded an average 5 percent less than the August price.
