Saudi Arabia on June 5 cut its oil prices to Europe, signaling mounting competition after OPEC failed to cap its output amid Iran's exports ramp up.
Wall Street Journal: Saudi Arabia cuts oil prices in Europe
A picture taken on May 10, 2016 shows over Shaybah, the base for Saudi Aramco's Natural Gas Liquids plant and oil production in the surrounding Shaybah field in Saudi Arabia's remote Empty quarter desert close to the United Arab Emirates.
