VOL. XLI

No. 29

20 July 1998

SAUDI ARABIA

Saudi Aramco Slashes August Crude Allocations To Term Buyers InLatest Cutback Round

Saudi Aramco added to the steady stream of volume reduction notifications which havebeen forthcoming from OPEC producers in recent days, notifying term buyers last week of an8-9% cutback versus August crude nominations. For most customers, the fact that they hadnominated at or near contract levels for the month means that the cutback will reducetheir allocations below...