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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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Pete12 Champion Author Albany Posts:1,535 Points:668,890 Joined:Nov 2005	Message Posted: Jul 4, 2009 11:26:56 PM Ignore Pete12 Report Abuse Keep conserving and OPEC won't know what to do with all their oil.
BHSJackson Veteran Author Indiana Posts:385 Points:131,680 Joined:Mar 2008	Message Posted: Jul 4, 2009 9:31:04 AM Ignore BHSJackson Report Abuse I'll believe it when I see it.
armstrmb Champion Author Houston Posts:4,440 Points:940,680 Joined:Jun 2007	Message Posted: Jul 4, 2009 9:24:03 AM Ignore armstrmb Report Abuse Keep conserving.
Lengas Champion Author Gary Posts:7,434 Points:1,568,205 Joined:Nov 2004	Message Posted: Jul 4, 2009 9:23:09 AM Ignore Lengas Report Abuse Way downnnnnnnnnnnnnnnn
thwadi Champion Author Cleveland Posts:2,064 Points:501,625 Joined:Mar 2008	Message Posted: Jul 4, 2009 9:23:05 AM Ignore thwadi Report Abuse Thats a nice.
BumbleBeeOK Champion Author Oklahoma City Posts:1,993 Points:338,085 Joined:Sep 2008	Message Posted: Jul 4, 2009 9:21:25 AM Ignore BumbleBeeOK Report Abuse Like the Price is Right----Come on down============
6642337 Champion Author Illinois Posts:19,261 Points:768,775 Joined:Jun 2006	Message Posted: Jul 4, 2009 9:19:31 AM Ignore 6642337 Report Abuse OPEC eat your heart out
gasman50 Champion Author Portland Posts:3,063 Points:1,266,290 Joined:Nov 2005	Message Posted: Jul 4, 2009 9:19:29 AM Ignore gasman50 Report Abuse Down baby, down
ironbox_sara Champion Author Albany Posts:3,849 Points:1,127,245 Joined:Mar 2006	Message Posted: Jul 4, 2009 9:17:40 AM Ignore ironbox_sara Report Abuse I can't until they have to eat their oil.
SheRides Veteran Author Louisiana Posts:466 Points:915,490 Joined:Jan 2006	Message Posted: Jul 4, 2009 9:16:49 AM Ignore SheRides Report Abuse Is that going to help the US economy too?
lightbulbman2008 Champion Author Worcester Posts:21,405 Points:480,210 Joined:Oct 2008	Message Posted: Jul 4, 2009 9:15:28 AM Ignore lightbulbman2008 Report Abuse you need the light sweet domestic crude instead of the heavy grade , .70 cents is a step in the right direction.
Pozole Champion Author Portland Posts:2,448 Points:478,950 Joined:Mar 2005	Message Posted: Jul 4, 2009 9:14:08 AM Ignore Pozole Report Abuse ...bring it down...
jd2009 Champion Author Honolulu Posts:1,379 Points:397,420 Joined:Jan 2009	Message Posted: Jul 4, 2009 9:12:29 AM Ignore jd2009 Report Abuse Still waiting for gas prices to drop ... keep conserving
CharlieC08 Champion Author Colorado Posts:2,944 Points:478,120 Joined:Oct 2008	Message Posted: Jul 4, 2009 9:10:05 AM Ignore CharlieC08 Report Abuse Pump prices have dropped a bit around here.
Marson Champion Author Scranton Posts:3,518 Points:974,620 Joined:Oct 2006	Message Posted: Jul 4, 2009 9:08:26 AM Ignore Marson Report Abuse Interesting.
jackson661 Champion Author Columbus Posts:1,392 Points:414,295 Joined:May 2006	Message Posted: Jul 4, 2009 9:07:00 AM Ignore jackson661 Report Abuse Well that is good for Taiwan, Singapore, Japan and India but what about the USA.
arnerator Champion Author Seattle Posts:2,366 Points:484,310 Joined:Sep 2008	Message Posted: Jul 4, 2009 9:06:20 AM Ignore arnerator Report Abuse Let them eat oil.
LetemEatCake Champion Author Oklahoma City Posts:2,701 Points:366,520 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:09:28 AM Ignore LetemEatCake Report Abuse theawesome1 from Cleveland and Ratso from Ohio... What are you boys thinking? Here we are having a nice discussion on heavy crude price and you gotta spew for no reason. The President's name is OBAMA with out the embellishments. You needn't agree with him, in fact, that you don't can make this thread more interesting IF you had a viable alternative. As citizens, you boys are right?, you owe the office respect. Just the basic stuff you learned from home. Schoolyard puns belong with the boys in the schoolyard. Think we can get back to lower crude prices in Saudi Arabia?
racerdj Champion Author Indianapolis Posts:4,040 Points:907,910 Joined:Jun 2003	Message Posted: Jul 4, 2009 7:02:25 AM Ignore racerdj Report Abuse 70 cents....what's the big deal?
mandoid Champion Author Colorado Springs Posts:2,254 Points:460,510 Joined:May 2008	Message Posted: Jul 4, 2009 7:00:41 AM Ignore mandoid Report Abuse sooo right nottom
tmannd All-Star Author North Dakota Posts:682 Points:47,600 Joined:Feb 2009	Message Posted: Jul 4, 2009 6:56:06 AM Ignore tmannd Report Abuse They like to print what people want to hear, tomorrow it will be different
WonderfulMI Champion Author Michigan Posts:4,807 Points:637,275 Joined:Jun 2008	Message Posted: Jul 4, 2009 5:58:57 AM Ignore WonderfulMI Report Abuse Heavy oil is almost a tar, not useable for automotive fuel.
Ratso Champion Author Ohio Posts:9,646 Points:1,546,420 Joined:Sep 2003	Message Posted: Jul 4, 2009 5:56:32 AM Ignore Ratso Report Abuse Then the Obama-Rama circus will "bow-down" again and the prices will go up ...what a clown!
NotTom Champion Author New Hampshire Posts:1,737 Points:606,750 Joined:Aug 2005	Message Posted: Jul 4, 2009 5:55:32 AM Ignore NotTom Report Abuse Wait 5 minutes and there will be a different new article saying the opposite. Until the price at the pump goes down I do not believe it
Petrock Champion Author Lexington Posts:3,606 Points:1,440,810 Joined:Apr 2005	Message Posted: Jul 4, 2009 5:54:36 AM Ignore Petrock Report Abuse We can only hope that there is an oversupply of oil in the world's markets and that the price will drop back down. Time alone will tell.
lpj Champion Author Macon Posts:6,408 Points:1,354,010 Joined:Apr 2006	Message Posted: Jul 4, 2009 5:51:11 AM Ignore lpj Report Abuse when our prices go down at the pump will i believe all the talk !!
BM4225 Champion Author Atlanta Posts:4,591 Points:1,005,545 Joined:Aug 2006	Message Posted: Jul 4, 2009 5:44:22 AM Ignore BM4225 Report Abuse lower the price, sell more, and make more money. Also makes them more dependent on others.
Hunter724 Champion Author New Hampshire Posts:2,364 Points:497,800 Joined:Sep 2008	Message Posted: Jul 4, 2009 5:42:34 AM Ignore Hunter724 Report Abuse Looking forward to lower prices.......
FASTR1 Champion Author Michigan Posts:4,347 Points:665,570 Joined:May 2007	Message Posted: Jul 4, 2009 5:39:56 AM Ignore FASTR1 Report Abuse theawesome1, Obama has stated that he wants the prices to go up, so every would be forced to go out and buy new electric and hybrid cars. Unfortunately, not everyone or most anyone can't do that right now.
theawesome1 Champion Author Cleveland Posts:2,769 Points:635,655 Joined:Aug 2005	Message Posted: Jul 4, 2009 5:33:17 AM Ignore theawesome1 Report Abuse USA oil companies = GREED. Time for NOBAMA to speak up but he won't since they are his election money for 2012.
BigDogOH Champion Author Cincinnati Posts:2,750 Points:673,970 Joined:Mar 2008	Message Posted: Jul 4, 2009 5:26:53 AM Ignore BigDogOH Report Abuse Yeah, now that Chia is drilling its own oil in the gulf
gordonfan05 Champion Author Georgia Posts:1,868 Points:576,535 Joined:Apr 2005	Message Posted: Jul 4, 2009 5:26:38 AM Ignore gordonfan05 Report Abuse No mention of a cut to U.S.
harleydoctor Champion Author Kansas Posts:1,600 Points:792,230 Joined:Sep 2005	Message Posted: Jul 4, 2009 5:15:10 AM Ignore harleydoctor Report Abuse A bushel of wheat for a barrel of oil period......
fratt Champion Author Grand Rapids Posts:4,071 Points:1,498,830 Joined:Jul 2005	Message Posted: Jul 4, 2009 5:09:25 AM Ignore fratt Report Abuse Keep conserving, The heck with the Saudi's!
Mark929 Champion Author Oakland Posts:2,311 Points:450,360 Joined:Jul 2008	Message Posted: Jul 4, 2009 5:07:27 AM Ignore Mark929 Report Abuse I am still waiting for gas prices to drop.
twobroke61 Champion Author Michigan Posts:2,569 Points:450,740 Joined:Sep 2008	Message Posted: Jul 4, 2009 4:59:27 AM Ignore twobroke61 Report Abuse more talk on lowering the price of oil quit talking and do it prove you can do what you say instead of lying all of the time does not matter what the price at the pump is if you have no money too put gas in the tank anyway
biggatorfan Champion Author Florida Posts:7,598 Points:1,437,860 Joined:Feb 2006	Message Posted: Jul 4, 2009 4:55:46 AM Ignore biggatorfan Report Abuse Blah Blah Blah
granitestater Champion Author New Hampshire Posts:3,089 Points:466,375 Joined:Oct 2008	Message Posted: Jul 4, 2009 4:44:02 AM Ignore granitestater Report Abuse The Saudis are getting nervous. The coffers are running low. Arab bankruptcys are starting to appear. Heavy crude is good for shipping fuel. And if it's cheap enough, it's good for refining into other grades.
bobbyd28 All-Star Author Virginia Posts:842 Points:111,765 Joined:Apr 2008	Message Posted: Jul 4, 2009 4:31:48 AM Ignore bobbyd28 Report Abuse saudi cutting the price? give me a break
bobdec Champion Author Florida Posts:3,448 Points:674,300 Joined:May 2008	Message Posted: Jul 4, 2009 4:26:15 AM Ignore bobdec Report Abuse It is all a game to generate the most sales
Tenshot All-Star Author Quad Cities Posts:604 Points:824,630 Joined:May 2005	Message Posted: Jul 4, 2009 4:16:33 AM Ignore Tenshot Report Abuse Ah yes more support from our friends the Saudis
LoneStarFX Champion Author Austin Posts:6,777 Points:1,289,425 Joined:Mar 2005	Message Posted: Jul 4, 2009 4:12:44 AM Ignore LoneStarFX Report Abuse iii
georgeo Champion Author California Posts:1,551 Points:61,105 Joined:May 2009	Message Posted: Jul 4, 2009 4:02:37 AM Ignore georgeo Report Abuse Iraq oil on line means lower profits for the Sauds
vulcan96 Champion Author Ohio Posts:16,785 Points:1,957,010 Joined:Aug 2004	Message Posted: Jul 4, 2009 3:54:38 AM Ignore vulcan96 Report Abuse looks like americans wised up to their greedy practices.
CISA Champion Author Orange County Posts:1,358 Points:553,610 Joined:Dec 2006	Message Posted: Jul 4, 2009 3:51:38 AM Ignore CISA Report Abuse The US dollar's decline will outweigh demand in the short run. Should hte US dollar continue to rise, as it has in the last couple weeks, then oil will drop, as will gas prices and the US stock markets.
Kamakani Champion Author Hawaii Posts:1,418 Points:421,105 Joined:Oct 2008	Message Posted: Jul 4, 2009 3:39:29 AM Ignore Kamakani Report Abuse They will have competition once the Iraqi oil gets back into full swing
PenDoctrJD Champion Author Orange County Posts:5,848 Points:1,850,210 Joined:Aug 2001	Message Posted: Jul 4, 2009 3:26:05 AM Ignore PenDoctrJD Report Abuse When Bush allegedly asked them for pricing help, they reportedly refused to help us and the rest of the world.
SurreySidekick Veteran Author Vancouver Posts:282 Points:138,765 Joined:Jun 2009	Message Posted: Jul 4, 2009 3:24:24 AM Ignore SurreySidekick Report Abuse They have to cut further to encourage sales ha....ha.
findcheap Champion Author Los Angeles Posts:3,805 Points:863,550 Joined:Apr 2007	Message Posted: Jul 4, 2009 3:18:56 AM Ignore findcheap Report Abuse "may" . . ?
Night Owl Champion Author Toronto Posts:1,865 Points:663,890 Joined:Jul 2004	Message Posted: Jul 4, 2009 3:18:10 AM Ignore Night Owl Report Abuse A bit of good news. Keep conserving.