Middle East Economic Survey
VOL. XLVII
No 41
11-October-2004
OIL PRICES
Saudi Crude Prices Reduced Sharply Again For Heavier Grades
Saudi Aramco announced its November crude price formulas to customers on 5 October, once again reducing sharply the prices for heavier grades to new all-time lows, as ready sour crude availability continued to undermine spot market prices for competing sour crudes. With Saudi Arabia producing around 9.5mn b/d as it leads an OPEC bid to reduce record high crude oil...
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