Middle East Economic Survey

VOL. XLVII

No 28

12-July-2004

OIL PRICES

Saudi Crude Prices Mainly Increased To US, Reduced To Europe And Asia

Saudi Aramco announced its August crude oil pricing formulas to customers on 5 July, increasing the price for most grades to the US but significantly reducing prices for deliveries to Europe and Asia. As usual the company based its pricing adjustments on the performance of competing crude grades on the three regional spot markets during the month before the new...