Middle East Economic Survey

VOL. XLVII

No 37

13-September-2004

OIL PRICES

Saudi Crude Prices Mainly Reduced Sharply For October On Sour Crude Weakness

Saudi Aramco on 6 September announced its October crude oil pricing formulas to customers, making major reductions to deliveries of all grades to the western markets, and reducing the cost of heavier grades while increasing the price for lighter grades to Asia. Discounts for US and European customers now stand at their lowest level ever, and...