VOL. XLII

No. 10

8-March-1999

SAUDI ARABIA

Aramco Shows Steady Hand In Europe, Cuts Crude Prices ForApril In Other Major Markets

Saudi Aramco reversed course on the Asian price front lastweek, giving back a large chunk of the rise it imposed a month ago on regionalcrude buyers. Refiners in Korea and Japan, which have been suffering fromrelentlessly weak operating margins, are now heading into the traditionalsecond-quarter maintenance season. In addition to reduced demand, the marketfor spot-traded...