A worker leaves Aramco's Natural Gas Liquids plant in Saudi Arabia's remote Empty Quarter near the United Arab Emirates, on May 10, 2016.AFP / IAN TIMBERLAKE
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Saudi Aramco, the world's largest oil exporter, lowered the pricing terms for Arab light crude sold to Asia by the most in 10 months, signaling Saudi Arabia has no plans to back down while OPEC rival Iran tries to regain market share amid a global oversupply.Iran has boosted crude production 25 percent this year and aims to reach an eight-year high for daily output of 4 million barrels by year-end. Saudi Arabia led the November 2014 decision by the Organization of Petroleum Exporting Countries to maintain production levels to drive out higher-cost producers.
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