Iraq priced its crude more competitively in the U.S. while raising costs for customers in Asia and Europe, mirroring moves a week ago by Saudi Arabia, the world’s largest oil exporter. The second-biggest producer in the Organization of Petroleum Exporting Countries is offering December cargoes of its Basrah Light grade to the U.S. at a discount to the local benchmark, instead of a premium charged in November, the country’s Oil Marketing Co., known as SOMO, said today. Saudi Arabia reduced prices last week for December shipments to the U.S. “The trend setter is Saudi Arabia, the others follow,” Olivier Jakob , managing director at Petromatrix GmbH in Zug, Switzerland, said by e-mail. Global oil prices slid into a bear market last month on speculation the biggest OPEC producers were discounting their crude to maintain market share, resisting calls to cut output amid slowing demand growth. December shipments of Basrah […]