VOL. XLIV

No. 28

9 July 2001

SAUDI ARABIA

Saudi Aramco August Pricing Reflects Iraqi Exports Halt And Poor Refining Margins

Saudi Aramco informed customers on 5 July of its August contract prices for crude oil, raising prices significantly for all grades to the US market and implementing a mixture of hikes and cuts to Europe and Asia. MEES soundings indicate that the new prices reflect two main factors which influenced spot market movements during June: the absence of Iraqi oil from the market as...