SAUDI ARABIA

Saudi Arabia Focusing on Market-Related Price Formula for Deliveries to Far East 

Having concluded a series of deals at netback prices for crude oil supplies to westward destinations, Saudi Arabia is now turning its attention to devising a market-related price formula for deliveries to Far East markets, particularly Japan. Sales of Saudi crude to Japan, which are still based on official prices, have fallen off drastically in recent months, and the Saudis are anxious to...