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...