Media: Argentina To Cut Price Of Locally Produced Oil By 12%



Reuters

BUENOS AIRES, Jan 5 (Reuters) – Argentina's new government has agreed to cut the price of locally produced oil by 12 percent to $67.5 per barrel, which is still higher than global crude prices, local media said on Tuesday.

Argentina sets the price that refineries pay for crude as a way of bolstering the local oil production industry.

Global benchmark Brent crude prices were down 22 cents at $37 a barrel at 1057 GMT. U.S. West Texas Intermediate (WTI) crude slipped 4 cents to $36.72 a barrel.

(Reporting by Hugh Bronstein; Editing by Greg Mahlich and Chizu Nomiyama)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.