Middle East Economic Survey

VOL. XLVII

No 46

15-November-2004

OIL PRICES

Saudi Crude Prices Reduced Further For December As Sour Market Weakens

Saudi Aramco announced its December crude pricing formulas to customers on 3 November, reducing the price of most grades further to new all-time lows with respect to benchmark crudes. MEES soundings indicate that producers of sour and heavy crudes have had difficulty selling all they have available for export during the last two months or so, after OPECs...