Iran has set its June official selling prices (OSPs) for heavier crude grades it sells to Asia at the biggest discounts to Saudi and Iraqi oil since 2007-2008, raising the stakes in its fight to regain market share. This is third time Iran has changed price formulas since January, underscoring its need for competitive pricing to push more exports into Asia after international sanctions against it were lifted early in the year. In contrast, top OPEC producer Saudi Arabia raised its June OSPs for all grades to multi-month highs, outstripping forecasts. Saudi Aramco’s chief executive has said demand for the kingdom’s oil is increasing. Iran on Tuesday set the June OSP for Iranian Heavy crude at $1.60 a barrel below the Oman/Dubai average, up $1 from the previous month, an […]