VOL. XL

No. 19

12 May 1997

SAUDI ARABIA

European Crude Buyers Get Saudi Price HikesFor June

Saudi Aramco responded to improved sour crude fundamentals in Europe last weekwith price rises of some 15-20 cents/B for term sales in June. The formula changes represent thefirst time in months that Aramco has imposed price increases on its European customers andhelps to stem a recent trend which saw discounts relative to Dated Brent widen to their lowestlevels in over three years during May (MEES, 7...