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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

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findcheap Champion Author Los Angeles Posts:4,673 Points:1,035,640 Joined:Apr 2007	Message Posted: Jul 4, 2009 1:18:56 AM Ignore findcheap Report Abuse "may" . . ?
Night Owl Champion Author Toronto Posts:2,740 Points:837,015 Joined:Jul 2004	Message Posted: Jul 4, 2009 1:18:10 AM Ignore Night Owl Report Abuse A bit of good news. Keep conserving.
dano50 Champion Author Riverside Posts:3,319 Points:687,130 Joined:Jul 2008	Message Posted: Jul 4, 2009 1:13:17 AM Ignore dano50 Report Abuse Well isn't that nice of them. Appears they are up to something again.
LuvEd08 All-Star Author Georgia Posts:784 Points:171,225 Joined:Apr 2008	Message Posted: Jul 4, 2009 1:12:54 AM Ignore LuvEd08 Report Abuse Uh-huh. Why?
spike1zz Champion Author Indiana Posts:5,212 Points:648,545 Joined:Oct 2008	Message Posted: Jul 4, 2009 1:10:41 AM Ignore spike1zz Report Abuse Should make shipping prices lower
WheresMyTruck Champion Author Tacoma Posts:4,028 Points:514,000 Joined:Mar 2009	Message Posted: Jul 4, 2009 1:07:28 AM Ignore WheresMyTruck Report Abuse Great.
ChannelIslands Champion Author Ventura Posts:4,718 Points:627,460 Joined:Dec 2008	Message Posted: Jul 4, 2009 1:07:11 AM Ignore ChannelIslands Report Abuse They got greedy. Now they are paying for it.
cheapertvs Champion Author Richmond Posts:5,200 Points:1,768,220 Joined:Jan 2004	Message Posted: Jul 4, 2009 1:03:24 AM Ignore cheapertvs Report Abuse Perhaps the oil business is becoming a losing proposition.
cheapertvs Champion Author Richmond Posts:5,200 Points:1,768,220 Joined:Jan 2004	Message Posted: Jul 4, 2009 1:02:17 AM Ignore cheapertvs Report Abuse Perhaps the oil business is becoming a losing proposition.
007HS Champion Author California Posts:6,959 Points:1,852,135 Joined:Aug 2003	Message Posted: Jul 4, 2009 12:50:05 AM Ignore 007HS Report Abuse O Well Ahab the Arab is loosing money. I really hope Chavez the Commie is in the same boat!!!
furiousfowl Champion Author Riverside Posts:11,975 Points:1,827,595 Joined:May 2005	Message Posted: Jul 4, 2009 12:48:20 AM Ignore furiousfowl Report Abuse keep it up
ILVET Champion Author Illinois Posts:9,905 Points:1,964,620 Joined:Jan 2005	Message Posted: Jul 4, 2009 12:38:23 AM Ignore ILVET Report Abuse I think our problems are just beginning.
72_Monte Champion Author Twin Cities Posts:2,830 Points:1,025,730 Joined:Aug 2005	Message Posted: Jul 4, 2009 12:30:01 AM Ignore 72_Monte Report Abuse They've gotta look out for their interests - gold faucets and such.
grouch311 Champion Author Illinois Posts:4,044 Points:671,305 Joined:Jun 2007	Message Posted: Jul 4, 2009 12:30:00 AM Ignore grouch311 Report Abuse believe it when I see prices drop at the pump here
mvosevich Champion Author St. Louis Posts:4,325 Points:874,610 Joined:Aug 2004	Message Posted: Jul 4, 2009 12:22:53 AM Ignore mvosevich Report Abuse Great now refiners are in collusion?
eddmac Champion Author Washington Posts:4,530 Points:998,105 Joined:May 2006	Message Posted: Jul 4, 2009 12:20:52 AM Ignore eddmac Report Abuse Anything done is secret is not good. How do you know, who's cheating who. Be careful./
Road-Runner Champion Author Denver Posts:3,616 Points:1,226,800 Joined:May 2004	Message Posted: Jul 4, 2009 12:19:45 AM Ignore Road-Runner Report Abuse About time. Any price cuts help, even token cuts!
jcurley Champion Author California Posts:3,410 Points:839,590 Joined:Dec 2007	Message Posted: Jul 4, 2009 12:17:42 AM Ignore jcurley Report Abuse Remember when OUR oil prices were set by contract prices AND NOT subject to manipulation and speculation by the big investment companies?
nurdco Champion Author Colorado Springs Posts:3,832 Points:719,030 Joined:Apr 2008	Message Posted: Jul 4, 2009 12:16:59 AM Ignore nurdco Report Abuse The EAST needs it more than the WEST...
CaptSquid Champion Author Billings Posts:20,655 Points:2,205,995 Joined:Apr 2004	Message Posted: Jul 4, 2009 12:06:17 AM Ignore CaptSquid Report Abuse Because the Saudis are one of our biggest and staunchest allies in that area.
Saturn93 Champion Author Salt Lake City Posts:4,245 Points:1,015,740 Joined:Oct 2006	Message Posted: Jul 3, 2009 11:53:20 PM Ignore Saturn93 Report Abuse How generous of them. Why must we continue to send them Billions of dollars a year?
sg413 Champion Author California Posts:2,029 Points:449,010 Joined:Apr 2008	Message Posted: Jul 3, 2009 11:52:59 PM Ignore sg413 Report Abuse I thought it was all priced on the open market.
alaric76 Champion Author New Jersey Posts:11,248 Points:2,059,020 Joined:Nov 2004	Message Posted: Jul 3, 2009 11:48:37 PM Ignore alaric76 Report Abuse good
rwm1 Champion Author Iowa Posts:1,946 Points:844,550 Joined:Oct 2007	Message Posted: Jul 3, 2009 11:48:15 PM Ignore rwm1 Report Abuse Hey! Arabia how about the U.S.? Can't we get a price break, too?
LilRedWagonIN Champion Author Indiana Posts:2,835 Points:607,055 Joined:Oct 2008	Message Posted: Jul 3, 2009 11:44:52 PM Ignore LilRedWagonIN Report Abuse Confidentiality? Secret agreements with Asian markets to cut out Western markets? Are we getting the same cuts in price or is there going to be a political alignment against the US?
Helms Champion Author Fort Worth Posts:4,254 Points:1,227,750 Joined:Jun 2005	Message Posted: Jul 3, 2009 11:38:09 PM Ignore Helms Report Abuse ...and Saudi Arabia may give everyone $1000 too...don;t believe either one!!!
jimgraham Champion Author Akron Posts:5,336 Points:1,007,555 Joined:Oct 2007	Message Posted: Jul 3, 2009 11:36:10 PM Ignore jimgraham Report Abuse Taiwan, Singapore, Japan and India will benefit - not us.
bosrs All-Star Author Seattle Posts:863 Points:400,835 Joined:Oct 2006	Message Posted: Jul 3, 2009 11:35:14 PM Ignore bosrs Report Abuse yeah right...
applejoe Champion Author Twin Cities Posts:2,682 Points:556,070 Joined:May 2001	Message Posted: Jul 3, 2009 11:32:19 PM Ignore applejoe Report Abuse It's only a tease, who are they kidding?
cutter1330 Champion Author Oklahoma Posts:3,141 Points:722,085 Joined:Jul 2005	Message Posted: Jul 3, 2009 11:30:37 PM Ignore cutter1330 Report Abuse Not such a big deal, guess it's good press. Or so the Saudi's think.
CPR54 Champion Author Austin Posts:5,556 Points:1,337,465 Joined:Jul 2006	Message Posted: Jul 3, 2009 11:23:36 PM Ignore CPR54 Report Abuse do what they want who cares cpr
RCinNM Champion Author New Mexico Posts:6,453 Points:925,415 Joined:Sep 2005	Message Posted: Jul 3, 2009 11:21:37 PM Ignore RCinNM Report Abuse Too bad this price cut will never be seen at the pumps.
Retowered Champion Author Colorado Posts:4,143 Points:1,725,695 Joined:May 2004	Message Posted: Jul 3, 2009 11:21:10 PM Ignore Retowered Report Abuse Hope it keeps going down.
amearly Champion Author Michigan Posts:7,211 Points:1,498,520 Joined:Jan 2006	Message Posted: Jul 3, 2009 11:13:36 PM Ignore amearly Report Abuse will see how long this last.
jadeusa Champion Author Dallas Posts:4,286 Points:875,410 Joined:Sep 2005	Message Posted: Jul 3, 2009 11:13:30 PM Ignore jadeusa Report Abuse supply is more than demand - all due to economy
BNSF733 Champion Author Chicago Posts:3,496 Points:851,265 Joined:Jun 2004	Message Posted: Jul 3, 2009 11:11:45 PM Ignore BNSF733 Report Abuse They cut the production and then the gas prices goes up!
taxiken Champion Author Twin Cities Posts:3,896 Points:1,100,000 Joined:Feb 2003	Message Posted: Jul 3, 2009 11:10:28 PM Ignore taxiken Report Abuse A drop is a drop.
Asbury09 Champion Author Iowa Posts:2,392 Points:560,805 Joined:Jan 2009	Message Posted: Jul 3, 2009 11:09:50 PM Ignore Asbury09 Report Abuse theyn re learning
abcdMA Champion Author Worcester Posts:3,148 Points:623,460 Joined:Nov 2008	Message Posted: Jul 3, 2009 11:07:02 PM Ignore abcdMA Report Abuse $0.70 per barrel, thats less than 2 cents per gallon!
250FORD Champion Author Minnesota Posts:7,691 Points:1,238,160 Joined:Feb 2007	Message Posted: Jul 3, 2009 11:06:01 PM Ignore 250FORD Report Abuse They cut the price but the final product will not be lower.
RLH68 Champion Author Orlando Posts:3,961 Points:732,000 Joined:Jun 2007	Message Posted: Jul 3, 2009 11:05:28 PM Ignore RLH68 Report Abuse "about 70 cents a barrel for August." Big Deal!!
Z51Corvette Champion Author Austin Posts:4,149 Points:805,955 Joined:Jan 2008	Message Posted: Jul 3, 2009 11:05:05 PM Ignore Z51Corvette Report Abuse Here's a video to back up a statement I made, below... The Energy Non-Crisis
Z51Corvette Champion Author Austin Posts:4,149 Points:805,955 Joined:Jan 2008	Message Posted: Jul 3, 2009 10:57:04 PM Ignore Z51Corvette Report Abuse Tommy is this what you are trying to say... If it wasn't for the U.S. in the 1930's, when they helped form Aramco. The Saudi's would still be herding animals and living in tents with no borders. Sometimes you do things that will help you down the road... It may not appear so now... but one day, we will be selling oil to the Saudi's. Take a look at Alaska.
NHLiveFree Champion Author New Hampshire Posts:4,014 Points:670,570 Joined:Jun 2008	Message Posted: Jul 3, 2009 10:56:34 PM Ignore NHLiveFree Report Abuse They prefer goats and sheep TT. Such a deal that they cut 70 cents!!! What a deal they have for Asia. Look out cause North America will probably be paying more to finance this cut.
NightDiver Champion Author Illinois Posts:2,036 Points:735,860 Joined:Mar 2007	Message Posted: Jul 3, 2009 10:54:23 PM Ignore NightDiver Report Abuse This doesn't seem to be that big of a deal unless this is only the start of them continuing this trend.
TommyTraveler Champion Author Cincinnati Posts:3,696 Points:723,005 Joined:Nov 2007	Message Posted: Jul 3, 2009 10:52:56 PM Ignore TommyTraveler Report Abuse If it was not for the US back in the 30s who helped form the AARMACO oil company these bedouins would still be making love the there camels and be a nomadic country with no borders. [Edited by: TommyTraveler at 7/4/2009 12:53:16 AM EST]
joel27nc Champion Author Raleigh Posts:5,544 Points:890,720 Joined:Mar 2008	Message Posted: Jul 3, 2009 10:51:30 PM Ignore joel27nc Report Abuse And what will that mean to the U.S. economy?
fightbigoil71 Champion Author Milwaukee Posts:2,790 Points:595,110 Joined:Nov 2008	Message Posted: Jul 3, 2009 10:50:39 PM Ignore fightbigoil71 Report Abuse What about us!?
sammy09 Veteran Author Twin Cities Posts:277 Points:333,790 Joined:May 2009	Message Posted: Jul 3, 2009 10:50:06 PM Ignore sammy09 Report Abuse what is the function of opec - do they set prices or production levels ?
goumterps2002 Champion Author Dayton Posts:2,141 Points:350,495 Joined:Aug 2008	Message Posted: Jul 3, 2009 10:48:21 PM Ignore goumterps2002 Report Abuse Just Asia? How nice...leave North America out of the deal.
FuelRacer1132 All-Star Author Iowa Posts:656 Points:159,890 Joined:May 2007	Message Posted: Jul 3, 2009 10:46:27 PM Ignore FuelRacer1132 Report Abuse It seems to me that as we used what we wanted with the HIGH prices of '08', they are not concerned that they can keep prices up artificially.
JoeKR Champion Author New Jersey Posts:4,987 Points:1,111,940 Joined:Feb 2006	Message Posted: Jul 3, 2009 10:41:40 PM Ignore JoeKR Report Abuse I guess there's some belt tightening and ,rather than cut production more, the Oil Producers now need the cash flow.