NO. 15

10 JANUARY 1994

Oil Prices

Saudis Raise February Formula Prices, US Feels Brunt Most

News last week that Saudi price formulas for February deliveries to theUnited States are to be raised by some 35-80 cents/B was greeted with variousdegrees of consternation by many of Saudi Aramco's largest term buyers. Hardesthit were medium and heavy grade buyers, which saw price discounts relative tothe new WTI marker narrow by some 65 cents/B and 80 cents/B respectively. Oncethe initial...