JAPANESE BUYERS PRESS FOR FURTHER IMPROVEMENTS IN SAUDI AND IRAQI PRICE TERMS

Notwithstanding the recent offer by Saudi Arabia of incentive discounts to term customers (MEES, 5 May), Japanese buyers are still pressing for further improvements in Saudi price terms in view of the relative worsening of East of Suez market conditions as compared with West of Suez markets. At present Japanese groups are lifting Saudi crude under term contracts at prices calculated on the basis of Rotterdam...