VOL. XXXVII

NO. 41

11-JULY-1994

Saudi Arabia

Asian Buyers Feel Pinch As Heavy Grade Cutbacks Shift From West To East

Evidence is mounting that Saudi Arabia's year-long drive to halve medium andheavy grade production to an estimated 1.7mn b/d by 1995 has shifted - for thetime being at least - from West to East. Recently concluded term contract negotiations in markets such as Japan and Korea make itunlikely that Asian buyerswill be able to stave off for much longer the painful heavier grade...