File - Saudi Arabian Oil Minister Ali al-Naimi talks to journalists before a meeting of OPEC oil ministers at OPEC's headquarters in Vienna December 4, 2013. REUTERS/Heinz-Peter Bader
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Ignore the talk of an OPEC price war, say crude market bulls.Price cuts announced by the Saudis, including the biggest discounts for Asia since 2008, sparked speculation that the world's biggest crude exporter would let oil tumble rather than cede market share to rivals in OPEC. This is misguided, said UBS AG and BNP Paribas SA. Brent is below the $95-to-$110 range endorsed by Saudi Oil Minister Ali al-Naimi, ensuring the country will curb output, they said.Saudi Arabia lowered the November official selling price, or OSP, last week for its Arab Light grade to Asia by $1 a barrel to a discount of $1.05 – the average of Oman and Dubai crude, and the lowest level since December 2008 .The average price of benchmark OPEC crudes dropped below $90 for the first time in more two years, the group said Wednesday.
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