Saudi Arabia’s decision to price some of its oil at lower-than-expected levels is setting the stage for keen competition in Asia among producers vying to supply the region. The kingdom set the September price for flagship Arab Light crude at about $1 a barrel below the figure forecast in a Bloomberg survey. The price of a lighter variety known as Arab Extra Light was raised by just 30 cents, a move that surprised traders who anticipated larger month-on-month adjustments. While the price of Arab Light still managed to set a record, traders said state-owned Aramco likely opted for modest increases to stay competitive against arbitrage flows into Asia. That’s after London’s Brent and West Texa
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