UPDATE:Iran Cuts Nov Heavy Crude To Asia OSP $2.87-Official

TEHRAN (Dow Jones)--Iran has reduced the official selling price of Iranian Heavy crude oil for November term supply to Asia in line with a price reduction in the November loading price for Saudi Arabia's Arab medium crude, an oil ministry official said Tuesday. "We exactly follow Saudi Arabia's decision for the Asian market," the official said. "If they change Arab medium, which is equivalent to Iranian heavy, then we change it" by the same amount. Iran reduced the price for Iranian Heavy crude to Asia by $2.87 to the average for Oman and Dubai, the official said. Iran's November-loading heavy Forouzan crude for Asia was cut by $2.80 to the average of Oman and Dubai, and November-loading Iranian light crude for eastern customers was reduced by 35 cents to the average of Oman and Dubai. "We consider this cutting (by the... [read full story]