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    06.01.2016 09:21 Saudi Arabia cuts the prices it charges for crude oil in Europe

    Saudi Arabia on Tuesday lowered the prices it charges for crude oil in Europe. Saudi Arabian Oil Co., the country's state-owned oil company, said that it cut its light crude by $0.60 a barrel to Northwest Europe and by $0.20 a barrel in the Mediterranean for February delivery.


    This action could add to the escalation of the situation in the Middle East as Iran plans to raise its oil exports once the sanctions are lift off.

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