Kuwait is offering Asian buyers the largest discount for oil in six years, joining Saudi Arabia and Iraq in lowering prices. Kuwait Petroleum Corp., the state-run oil company , will sell its crude at $3.95 a barrel below the regional benchmarks next month, the company said in a faxed statement yesterday. That’s the biggest discount since December 2008, data compiled by Bloomberg show. It was $2.10 this month. Saudi Arabia, the world’s biggest oil producer, lowered its official selling prices to Asia and the U.S. on Dec. 5 after the Organization of Petroleum Exporting Countries decided last month to maintain production. Crude is trading in a bear market as the highest U.S. production in three decades exacerbates a global glut. “In this situation of oversupply in crude, everyone has to defend his market share,” Gerrit Zambo, an oil trader at Bayerische Landesbank in Munich, said by telephone yesterday. “Producers […]