VOL. XLVI

No 23

9-June-2003

SAUDI ARABIA/OPEC/OIL PRICES

Saudi Crude Prices Mainly Raised For July Deliveries

Saudi Aramco announced its July crude oil pricing formulas to customers on 5 June, raising the price for all grades to all destinations except for Arab Heavy deliveries to the US. As usual the pricing formulas were based on the performance of competing crudes on the spot markets during the previous month, in this case May. However, the July prices show greater increases than were witnessed...