Daily LNG price update (Goldman smash)

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The Brent oil price eroded last night to $47.99 as the strong US dollar weighed heavily. The other news was that the discount war rages on, via the FT:

Saudi Arabia’s state oil company has cut its official selling prices to Europe, as the world’s largest exporter of crude attempts to retain its share of an oversupplied market.

Shipments to Europe made up more than 13 per cent of Saudi oil exports last year, according to data from the Opec cartel, but that number has slipped to just 10 per cent in the past six months, ship-tracking data shows.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.