Middle East Economic Survey

VOL. LIV

No 37

12-Sep-2011

Saudi Crude Prices Cut To US, Boosted To Europe And Asia

Saudi Aramco announced its October crude pricing formulas to customers on 5 September, raising prices to the US, but cutting prices to Europe and Asia. Saudi Aramco normally bases its pricing formula primarily on recent spot price movements for competing crudes in the regional markets. In recent weeks US Gulf coast sour crude differentials to benchmark crudes have increased,...