VOL. XLVI

No 2

13-January-2003

SAUDI ARABIA

Saudi Crude Prices Raised After Venezuela Crude Stoppage Hikes Spot Prices

Saudi Aramco announced to customers on 6 January its February crude oil pricing formulas, raising prices significantly to western markets and also raising the prices of light grades for Asian customers while widening the light-heavy differential. The sharp rises were largely a result of keen spot market competition during December for heavy, sour crudes in particular, after a...