Middle East Economic Survey

VOL. XLVIII

No 2

10-January-2005

Saudi Aramco Raises Prices For Heavier Grades

Saudi Aramco announced its February crude pricing formulas to customers on 5 January, raising the prices for heavier grades but reducing the cost of lighter crudes. The new formulas bring the cost of heavier grades back from all-time lows offered for January deliveries, and reflect a strengthening of the value of heavy sour crudes on the regional spot markets during December. The February...