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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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FuelRacer1132 All-Star Author Iowa Posts:656 Points:159,890 Joined:May 2007	Message Posted: Jul 4, 2009 12:46:27 AM 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:4,958 Points:1,108,335 Joined:Feb 2006	Message Posted: Jul 4, 2009 12:41:40 AM 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.
Pstreicher All-Star Author Tampa Posts:812 Points:289,440 Joined:Oct 2007	Message Posted: Jul 4, 2009 12:41:06 AM Ignore Pstreicher Report Abuse $.70 cents? What is that?
skybiker Champion Author South Carolina Posts:3,325 Points:659,305 Joined:Jul 2008	Message Posted: Jul 4, 2009 12:39:26 AM Ignore skybiker Report Abuse Saudi oil is thick crap and should cost less than sweet Texas crude.........
rxman1 Champion Author Toledo Posts:4,330 Points:904,455 Joined:Nov 2007	Message Posted: Jul 4, 2009 12:34:30 AM Ignore rxman1 Report Abuse You have to watch China. They control the value of their currency. They certainly are not worried about Cap and Trade for their country but hope it passes in ours.
Raider44 All-Star Author Allentown Posts:975 Points:723,140 Joined:Apr 2008	Message Posted: Jul 4, 2009 12:30:16 AM Ignore Raider44 Report Abuse TBone: China has quietly been the "power player" for some time now. The U.S. is not the economic force it believes itself to be.
TBONE3 Champion Author Pennsylvania Posts:3,870 Points:1,000,670 Joined:Mar 2005	Message Posted: Jul 4, 2009 12:26:42 AM Ignore TBONE3 Report Abuse All the attention is now on China. It's the "power player " AT THIS POINT. China carries the target on their backs right now.
djoumy All-Star Author New York Posts:872 Points:385,950 Joined:Sep 2008	Message Posted: Jul 4, 2009 12:26:04 AM Ignore djoumy Report Abuse they are foul now about oil,but the have to remember at this thime last year,oil was over 120 dollars a barrel.
humblepie Champion Author Toledo Posts:7,960 Points:1,392,155 Joined:Mar 2006	Message Posted: Jul 4, 2009 12:25:09 AM Ignore humblepie Report Abuse and strawberry fields forever
comet64 Champion Author Illinois Posts:1,250 Points:258,825 Joined:Feb 2006	Message Posted: Jul 4, 2009 12:25:00 AM Ignore comet64 Report Abuse we need to show these yo yo's that we are not going to take it any more paying high prices for oil. Things that we sell them should be raised high and make them pay and keep our jobs here
BWD Champion Author Charleston Posts:2,392 Points:1,613,885 Joined:May 2004	Message Posted: Jul 4, 2009 12:23:42 AM Ignore BWD Report Abuse Arabs actually lowering oil prices...this must be a mistake.
ddaz46 Veteran Author Akron Posts:266 Points:92,190 Joined:Jun 2009	Message Posted: Jul 4, 2009 12:21:17 AM Ignore ddaz46 Report Abuse China is buying up all the oil even in Iraq
playtimeCLE Champion Author Cleveland Posts:3,175 Points:589,710 Joined:Nov 2008	Message Posted: Jul 4, 2009 12:18:51 AM Ignore playtimeCLE Report Abuse There is no one with any money to buy there expensive crap.
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Jul 4, 2009 12:18:13 AM Ignore jay4 Report Abuse This may affect USA prices indirectly...or not?
DEG Champion Author Las Vegas Posts:12,803 Points:2,543,205 Joined:Jul 2003	Message Posted: Jul 4, 2009 12:16:59 AM Ignore DEG Report Abuse Just a drop in the bucket from the price cuts that need to happen.
greatscot08 All-Star Author Columbus Posts:944 Points:187,460 Joined:Jun 2008	Message Posted: Jul 4, 2009 12:08:14 AM Ignore greatscot08 Report Abuse It is a start.....but how about including the US?????
pizzaman09 Sophomore Author Indiana Posts:158 Points:417,595 Joined:Feb 2009	Message Posted: Jul 4, 2009 12:07:41 AM Ignore pizzaman09 Report Abuse IT WOULD BE NICE IF THEY DID.
ramboTX Champion Author Dallas Posts:4,273 Points:832,490 Joined:Aug 2007	Message Posted: Jul 4, 2009 12:07:11 AM Ignore ramboTX Report Abuse they see that China and it's neighbors are where the future money is. They think that the US is heading for bankruptcy
philthethrill Champion Author Hamilton Posts:3,184 Points:633,965 Joined:Nov 2008	Message Posted: Jul 4, 2009 12:05:27 AM Ignore philthethrill Report Abuse interesting observation - Neilbee
PioneerUrban Champion Author West Virginia Posts:2,698 Points:532,505 Joined:Jun 2008	Message Posted: Jul 4, 2009 12:05:02 AM Ignore PioneerUrban Report Abuse Lower prices in this economy is a good thing
Toppers Champion Author Atlanta Posts:4,097 Points:1,498,140 Joined:Mar 2005	Message Posted: Jul 4, 2009 12:04:54 AM Ignore Toppers Report Abuse I'd say the Saudi's know where there future business' coming from...
CobraLeader Champion Author New Jersey Posts:247,752 Points:1,131,700 Joined:Apr 2007	Message Posted: Jul 4, 2009 12:04:24 AM Ignore CobraLeader Report Abuse finally, prices may come down!
WIPACKERFAN Champion Author Chicago Posts:3,922 Points:874,815 Joined:Aug 2005	Message Posted: Jul 4, 2009 12:04:24 AM Ignore WIPACKERFAN Report Abuse Wow, a whole 70 cents! I don't know where the savings could be spent. You can't even go to the dollar menu at fast food restaurants.
Jarod13 Champion Author Virginia Posts:2,875 Points:637,525 Joined:Oct 2008	Message Posted: Jul 4, 2009 12:00:17 AM Ignore Jarod13 Report Abuse Seventy cents isn't much -- it's hard to imagine them cutting the price of anything. But it's a start! In the meantime, we need to start increasing our usage of alternative/renewable fuels so that we're not kept hostage by OPEC for our energy needs. Energy independence is the only way America is going to become a strong and prosperous nations once again!
THEDodgeman Champion Author Denver Posts:3,048 Points:967,465 Joined:Apr 2005	Message Posted: Jul 3, 2009 11:58:44 PM Ignore THEDodgeman Report Abuse going to the bank.....
Wizrd03 Champion Author Illinois Posts:3,198 Points:656,555 Joined:Oct 2008	Message Posted: Jul 3, 2009 11:57:28 PM Ignore Wizrd03 Report Abuse What about crude sold elsewhere?
nedthenanite Champion Author Mississippi Posts:4,033 Points:779,335 Joined:May 2008	Message Posted: Jul 3, 2009 11:56:22 PM Ignore nedthenanite Report Abuse Yeah but will we see any of it at the pump?
mreMN Veteran Author Twin Cities Posts:394 Points:172,400 Joined:Oct 2008	Message Posted: Jul 3, 2009 11:53:44 PM Ignore mreMN Report Abuse 70 cents isn't much.
Neilbee Rookie Author Houston Posts:21 Points:12,100 Joined:Jun 2009	Message Posted: Jul 3, 2009 11:52:27 PM Ignore Neilbee Report Abuse Saudi Arabia has to do the west bidding to keep prices relatively low to negate Iran and Venezuela's urge to hike prices. Saudis are more willing to toe the west line to keep oil prices low as high prices hurt the economies badly including the US.
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 3, 2009 11:46:56 PM Ignore korklenut Report Abuse It won't reflect anything at the pump. Oil demand is down so prices should be also.
CUBBUC Champion Author Florida Posts:3,123 Points:425,040 Joined:May 2008	Message Posted: Jul 3, 2009 11:44:14 PM Ignore CUBBUC Report Abuse Good Article...Thanks!
toyota1999 Champion Author Louisville Posts:5,123 Points:1,066,250 Joined:May 2007	Message Posted: Jul 3, 2009 11:41:28 PM Ignore toyota1999 Report Abuse It shows that oil prices are inflated way to high. 40 bucks would be more than enough. Before Katrina oil was in the 20's range. Time to send it back. Those evil futures traders making money at our expense. One day they will answer for this greed.
rjoeh Champion Author Michigan Posts:3,790 Points:1,582,765 Joined:Jun 2004	Message Posted: Jul 3, 2009 11:40:04 PM Ignore rjoeh Report Abuse Hard to imagine them cutting the price of anything.
kingpin6 Champion Author Arkansas Posts:1,610 Points:731,200 Joined:Jul 2007	Message Posted: Jul 3, 2009 11:34:54 PM Ignore kingpin6 Report Abuse Doesn't do anything for the rest of the world.
Romey08 Champion Author Virginia Posts:1,919 Points:566,350 Joined:Apr 2008	Message Posted: Jul 3, 2009 11:34:43 PM Ignore Romey08 Report Abuse OK
jimshell Champion Author Pennsylvania Posts:1,828 Points:462,405 Joined:Sep 2004	Message Posted: Jul 3, 2009 11:33:22 PM Ignore jimshell Report Abuse Let them eat oil.
OKRifle Champion Author Oklahoma City Posts:4,850 Points:844,095 Joined:Oct 2007	Message Posted: Jul 3, 2009 11:33:02 PM Ignore OKRifle Report Abuse I like greatscot08's comment!
mplato Champion Author Columbia Posts:4,226 Points:1,013,635 Joined:Jun 2004	Message Posted: Jul 3, 2009 11:32:10 PM Ignore mplato Report Abuse light sweet crude is what makes the world go round
greatscot08 All-Star Author Columbus Posts:944 Points:187,460 Joined:Jun 2008	Message Posted: Jul 3, 2009 11:24:36 PM Ignore greatscot08 Report Abuse How about the US......remember the guys who have the president who bowed down to you and kissed your b... uhhhhh.... hand? He said we were sorry for being so arrogant......doesn't that count for something??????
Ashburn_Dave All-Star Author Virginia Posts:792 Points:375,360 Joined:May 2008	Message Posted: Jul 3, 2009 11:21:51 PM Ignore Ashburn_Dave Report Abuse Does this do anything for us?
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 3, 2009 11:21:25 PM Ignore akeatts Report Abuse Conserve!
phurburger Champion Author Atlanta Posts:2,555 Points:530,670 Joined:Oct 2005	Message Posted: Jul 3, 2009 11:15:34 PM Ignore phurburger Report Abuse And what will that mean to the U.S. economy?