VOL. XL

No. 14

7 April 1997

SAUDI ARABIA

Europe Leads The Way As Saudi Arabia Drops May Crude PricesAcross The Board

Amid the current slump in absolute crude oil values world-wide,Saudi Aramco moved decisively to catch up with sharply deteriorating market conditions forsour crudes in Europe last week, dropping its prices for terms sales to regional buyers inMay by some 20-50 cents/B depending on grade. The relatively large price reductionsimmediately dispelled lingering fears on the part...