Middle East Economic Survey

VOL. XLVIII

No 19

9-May-2005

Saudi Crude Prices Raised Sharply For Western Markets In June

Saudi Aramco announced its June crude oil pricing formulas to customers on 4 May, increasing sharply the prices for all grades to the US and Europe, but narrowing the light-heavy differential for deliveries to Asia. While western customers complained that the price hikes canceled out the major cuts made for May deliveries as a means of increasing volumes to the market (MEES, 11...