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)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Quality Assurance Manager
Expertise: QA / QC / Inspection|Regulatory Compliance|Reliability Engineer
Location: Philadelphia, PA
 
United States Houston: Product Compliance Manager
Expertise: Regulatory Compliance
Location: Houston, TX
 
Legislative & Regulatory Analyst - Upstream & Midstream
Expertise: Legal|Regulatory Compliance
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours