Middle East Economic Survey

VOL. XLVII

No 50

13-December-2004

OIL PRICES

Saudi Crude Prices For January Reduced To US, Raised For Europe And Asia

Saudi Aramco announced its January crude pricing formulas to customers on 5 December, reducing the prices for most grades to be delivered to the US, but increasing the price for all grades destined for Europe and Asia. This further reduction in US prices to new all-time lows reflected the difficulties of selling sour and heavy crudes in a market which is...