Saudi Arabia May Cut Heavy-Oil Price as Processing Profits D
Bloomberg
--
Saudi Arabia may lower the official price of its heavy oil grade sold to Asia from a six-year high as processing profit for fuel used by ships and power plants declined in the previous month, refinery officials said.
Saudi Arabian Oil Co., the world’s largest producer, may cut Arab Heavy by an average of about 70 cents a barrel for August, according to a survey of refiners in Taiwan, Singapore, Japan and India. Aramco may provide prices next week. Prices for Arab Light and Extra Light grades may decline, said the traders, who asked not to be unidentified, citing confidentiality agreements.
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Submitted Jul 03, 2009 By:
ziyulu
