Middle East Economic Survey

VOL. XLVIII

No 15

11-April-2005

Saudi Crude Prices For May Slashed To Western Markets, Raised For Asia

Saudi Aramco on 5 April announced its May crude oil pricing formulas to customers, substantially cutting all prices for delivery to the US and Europe, but increasing prices for all grades to Asia. As usual the pricing was based mainly on the performance of competing crudes on the three regional spot markets in the previous month. While prices for benchmark crudes...