GasBuddy News Article

votes

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.

Read the Full Article

Submitted Jul 03, 2009 By: ziyulu

Category: Daily News Article Discussions > Topics	Add to favorite topics Post New Topic

Author	Topic: Saudi Arabia May Cut Heavy-Oil Price as Processing Profits D	Post a Reply Back to Topics

REPLIES (newest first)

First Prev

Next Last

findcheap Champion Author Los Angeles Posts:3,231 Points:748,995 Joined:Apr 2007	Message Posted: Jul 4, 2009 12:18:56 AM Ignore findcheap Report Abuse "may" . . ?
Night Owl Champion Author Toronto Posts:1,283 Points:550,065 Joined:Jul 2004	Message Posted: Jul 4, 2009 12:18:10 AM Ignore Night Owl Report Abuse A bit of good news. Keep conserving.
dano50 Champion Author Riverside Posts:1,867 Points:409,150 Joined:Jul 2008	Message Posted: Jul 4, 2009 12:13:17 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:730 Points:148,270 Joined:Apr 2008	Message Posted: Jul 4, 2009 12:12:54 AM Ignore LuvEd08 Report Abuse Uh-huh. Why?
spike1zz Champion Author Indiana Posts:2,002 Points:358,670 Joined:Oct 2008	Message Posted: Jul 4, 2009 12:10:41 AM Ignore spike1zz Report Abuse Should make shipping prices lower
WheresMyTruck Champion Author Tacoma Posts:1,531 Points:224,875 Joined:Mar 2009	Message Posted: Jul 4, 2009 12:07:28 AM Ignore WheresMyTruck Report Abuse Great.
ChannelIslands Champion Author Ventura Posts:2,929 Points:339,475 Joined:Dec 2008	Message Posted: Jul 4, 2009 12:07:11 AM Ignore ChannelIslands Report Abuse They got greedy. Now they are paying for it.
cheapertvs Champion Author Richmond Posts:3,698 Points:1,478,570 Joined:Jan 2004	Message Posted: Jul 4, 2009 12:03:24 AM Ignore cheapertvs Report Abuse Perhaps the oil business is becoming a losing proposition.
cheapertvs Champion Author Richmond Posts:3,698 Points:1,478,570 Joined:Jan 2004	Message Posted: Jul 4, 2009 12:02:17 AM Ignore cheapertvs Report Abuse Perhaps the oil business is becoming a losing proposition.
007HS Champion Author California Posts:6,423 Points:1,745,160 Joined:Aug 2003	Message Posted: Jul 3, 2009 11:50:05 PM 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:10,340 Points:1,546,270 Joined:May 2005	Message Posted: Jul 3, 2009 11:48:20 PM Ignore furiousfowl Report Abuse keep it up
ILVET Champion Author Illinois Posts:8,433 Points:1,677,895 Joined:Jan 2005	Message Posted: Jul 3, 2009 11:38:23 PM Ignore ILVET Report Abuse I think our problems are just beginning.
72_Monte Champion Author Twin Cities Posts:1,287 Points:739,380 Joined:Aug 2005	Message Posted: Jul 3, 2009 11:30:01 PM Ignore 72_Monte Report Abuse They've gotta look out for their interests - gold faucets and such.
grouch311 Champion Author Illinois Posts:2,623 Points:400,340 Joined:Jun 2007	Message Posted: Jul 3, 2009 11:30:00 PM Ignore grouch311 Report Abuse believe it when I see prices drop at the pump here
mvosevich Champion Author St. Louis Posts:2,945 Points:595,555 Joined:Aug 2004	Message Posted: Jul 3, 2009 11:22:53 PM Ignore mvosevich Report Abuse Great now refiners are in collusion?
eddmac Champion Author Washington Posts:3,152 Points:729,165 Joined:May 2006	Message Posted: Jul 3, 2009 11:20:52 PM 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:2,841 Points:1,026,045 Joined:May 2004	Message Posted: Jul 3, 2009 11:19:45 PM Ignore Road-Runner Report Abuse About time. Any price cuts help, even token cuts!
jcurley Champion Author California Posts:2,410 Points:572,795 Joined:Dec 2007	Message Posted: Jul 3, 2009 11:17:42 PM 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:2,320 Points:429,175 Joined:Apr 2008	Message Posted: Jul 3, 2009 11:16:59 PM Ignore nurdco Report Abuse The EAST needs it more than the WEST...
CaptSquid Champion Author Billings Posts:19,006 Points:1,917,115 Joined:Apr 2004	Message Posted: Jul 3, 2009 11:06:17 PM 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:2,842 Points:731,465 Joined:Oct 2006	Message Posted: Jul 3, 2009 10:53:20 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:1,367 Points:295,735 Joined:Apr 2008	Message Posted: Jul 3, 2009 10:52:59 PM Ignore sg413 Report Abuse I thought it was all priced on the open market.
alaric76 Champion Author New Jersey Posts:9,765 Points:1,769,820 Joined:Nov 2004	Message Posted: Jul 3, 2009 10:48:37 PM Ignore alaric76 Report Abuse good
rwm1 Champion Author Iowa Posts:1,542 Points:613,510 Joined:Oct 2007	Message Posted: Jul 3, 2009 10:48:15 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:1,456 Points:337,240 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:44:52 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:3,012 Points:963,255 Joined:Jun 2005	Message Posted: Jul 3, 2009 10:38:09 PM Ignore Helms Report Abuse ...and Saudi Arabia may give everyone $1000 too...don;t believe either one!!!
jimgraham Champion Author Akron Posts:3,872 Points:725,055 Joined:Oct 2007	Message Posted: Jul 3, 2009 10:36:10 PM Ignore jimgraham Report Abuse Taiwan, Singapore, Japan and India will benefit - not us.
bosrs All-Star Author Seattle Posts:830 Points:269,875 Joined:Oct 2006	Message Posted: Jul 3, 2009 10:35:14 PM Ignore bosrs Report Abuse yeah right...
applejoe Champion Author Twin Cities Posts:1,251 Points:269,705 Joined:May 2001	Message Posted: Jul 3, 2009 10:32:19 PM Ignore applejoe Report Abuse It's only a tease, who are they kidding?
cutter1330 Champion Author Oklahoma Posts:1,680 Points:439,335 Joined:Jul 2005	Message Posted: Jul 3, 2009 10:30:37 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:4,452 Points:1,069,495 Joined:Jul 2006	Message Posted: Jul 3, 2009 10:23:36 PM Ignore CPR54 Report Abuse do what they want who cares cpr
RCinNM Champion Author New Mexico Posts:6,097 Points:855,585 Joined:Sep 2005	Message Posted: Jul 3, 2009 10:21:37 PM Ignore RCinNM Report Abuse Too bad this price cut will never be seen at the pumps.
Retowered Champion Author Colorado Posts:2,831 Points:1,442,990 Joined:May 2004	Message Posted: Jul 3, 2009 10:21:10 PM Ignore Retowered Report Abuse Hope it keeps going down.
amearly Champion Author Michigan Posts:5,784 Points:1,217,320 Joined:Jan 2006	Message Posted: Jul 3, 2009 10:13:36 PM Ignore amearly Report Abuse will see how long this last.
jadeusa Champion Author Dallas Posts:2,805 Points:589,410 Joined:Sep 2005	Message Posted: Jul 3, 2009 10:13:30 PM Ignore jadeusa Report Abuse supply is more than demand - all due to economy
BNSF733 Champion Author Chicago Posts:2,020 Points:561,595 Joined:Jun 2004	Message Posted: Jul 3, 2009 10:11:45 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 10:10:28 PM Ignore taxiken Report Abuse A drop is a drop.
Asbury09 All-Star Author Iowa Posts:934 Points:272,110 Joined:Jan 2009	Message Posted: Jul 3, 2009 10:09:50 PM Ignore Asbury09 Report Abuse theyn re learning
abcdMA Champion Author Worcester Posts:1,698 Points:338,025 Joined:Nov 2008	Message Posted: Jul 3, 2009 10:07:02 PM Ignore abcdMA Report Abuse $0.70 per barrel, thats less than 2 cents per gallon!
250FORD Champion Author Minnesota Posts:6,103 Points:959,780 Joined:Feb 2007	Message Posted: Jul 3, 2009 10:06:01 PM Ignore 250FORD Report Abuse They cut the price but the final product will not be lower.
RLH68 Champion Author Orlando Posts:3,665 Points:717,675 Joined:Jun 2007	Message Posted: Jul 3, 2009 10:05:28 PM Ignore RLH68 Report Abuse "about 70 cents a barrel for August." Big Deal!!
Z51Corvette Champion Author Austin Posts:3,024 Points:584,080 Joined:Jan 2008	Message Posted: Jul 3, 2009 10:05:05 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:3,024 Points:584,080 Joined:Jan 2008	Message Posted: Jul 3, 2009 9:57:04 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:2,420 Points:384,475 Joined:Jun 2008	Message Posted: Jul 3, 2009 9:56:34 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:1,274 Points:561,490 Joined:Mar 2007	Message Posted: Jul 3, 2009 9:54:23 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:2,227 Points:434,125 Joined:Nov 2007	Message Posted: Jul 3, 2009 9:52:56 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:4,068 Points:606,695 Joined:Mar 2008	Message Posted: Jul 3, 2009 9:51:30 PM Ignore joel27nc Report Abuse And what will that mean to the U.S. economy?
fightbigoil71 Champion Author Milwaukee Posts:1,451 Points:321,580 Joined:Nov 2008	Message Posted: Jul 3, 2009 9:50:39 PM Ignore fightbigoil71 Report Abuse What about us!?
sammy09 Veteran Author Twin Cities Posts:270 Points:167,550 Joined:May 2009	Message Posted: Jul 3, 2009 9:50:06 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 9:48:21 PM Ignore goumterps2002 Report Abuse Just Asia? How nice...leave North America out of the deal.
FuelRacer1132 All-Star Author Iowa Posts:645 Points:144,470 Joined:May 2007	Message Posted: Jul 3, 2009 9:46:27 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:3,668 Points:896,800 Joined:Feb 2006	Message Posted: Jul 3, 2009 9:41:40 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.