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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:645 Points:144,470 Joined:May 2007	Message Posted: Jul 3, 2009 11:46:27 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:3,670 Points:896,965 Joined:Feb 2006	Message Posted: Jul 3, 2009 11:41:40 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 3, 2009 11:41:06 Ignore Pstreicher Report Abuse $.70 cents? What is that?
skybiker Champion Author South Carolina Posts:2,078 Points:392,005 Joined:Jul 2008	Message Posted: Jul 3, 2009 11:39:26 Ignore skybiker Report Abuse Saudi oil is thick crap and should cost less than sweet Texas crude.........
rxman1 Champion Author Toledo Posts:2,798 Points:633,000 Joined:Nov 2007	Message Posted: Jul 3, 2009 11:34:30 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:900 Points:468,335 Joined:Apr 2008	Message Posted: Jul 3, 2009 11:30:16 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:2,432 Points:716,765 Joined:Mar 2005	Message Posted: Jul 3, 2009 11:26:42 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:756 Points:354,630 Joined:Sep 2008	Message Posted: Jul 3, 2009 11:26:04 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:6,272 Points:1,113,505 Joined:Mar 2006	Message Posted: Jul 3, 2009 11:25:09 Ignore humblepie Report Abuse and strawberry fields forever
comet64 All-Star Author Illinois Posts:863 Points:212,575 Joined:Feb 2006	Message Posted: Jul 3, 2009 11:25:00 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 All-Star Author Charleston Posts:974 Points:1,332,070 Joined:May 2004	Message Posted: Jul 3, 2009 11:23:42 Ignore BWD Report Abuse Arabs actually lowering oil prices...this must be a mistake.
ddaz46 Veteran Author Akron Posts:266 Points:87,390 Joined:Jun 2009	Message Posted: Jul 3, 2009 11:21:17 Ignore ddaz46 Report Abuse China is buying up all the oil even in Iraq
playtimeCLE Champion Author Cleveland Posts:1,761 Points:310,975 Joined:Nov 2008	Message Posted: Jul 3, 2009 11:18:51 Ignore playtimeCLE Report Abuse There is no one with any money to buy there expensive crap.
jay4 Champion Author Colorado Springs Posts:4,456 Points:1,063,685 Joined:Apr 2006	Message Posted: Jul 3, 2009 11:18:13 Ignore jay4 Report Abuse This may affect USA prices indirectly...or not?
DEG Champion Author Las Vegas Posts:11,391 Points:2,264,195 Joined:Jul 2003	Message Posted: Jul 3, 2009 11:16:59 Ignore DEG Report Abuse Just a drop in the bucket from the price cuts that need to happen.
greatscot08 All-Star Author Columbus Posts:749 Points:152,755 Joined:Jun 2008	Message Posted: Jul 3, 2009 11:08:14 Ignore greatscot08 Report Abuse It is a start.....but how about including the US?????
pizzaman09 Sophomore Author Indiana Posts:153 Points:210,095 Joined:Feb 2009	Message Posted: Jul 3, 2009 11:07:41 Ignore pizzaman09 Report Abuse IT WOULD BE NICE IF THEY DID.
ramboTX Champion Author Dallas Posts:2,836 Points:551,940 Joined:Aug 2007	Message Posted: Jul 3, 2009 11:07:11 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:1,748 Points:358,440 Joined:Nov 2008	Message Posted: Jul 3, 2009 11:05:27 Ignore philthethrill Report Abuse interesting observation - Neilbee
PioneerUrban Champion Author West Virginia Posts:2,457 Points:484,155 Joined:Jun 2008	Message Posted: Jul 3, 2009 11:05:02 Ignore PioneerUrban Report Abuse Lower prices in this economy is a good thing
Toppers Champion Author Atlanta Posts:2,699 Points:1,218,345 Joined:Mar 2005	Message Posted: Jul 3, 2009 11:04:54 Ignore Toppers Report Abuse I'd say the Saudi's know where there future business' coming from...
CobraLeader Champion Author New Jersey Posts:156,146 Points:847,775 Joined:Apr 2007	Message Posted: Jul 3, 2009 11:04:24 Ignore CobraLeader Report Abuse finally, prices may come down!
WIPACKERFAN Champion Author Chicago Posts:2,533 Points:596,760 Joined:Aug 2005	Message Posted: Jul 3, 2009 11:04:24 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:1,662 Points:368,110 Joined:Oct 2008	Message Posted: Jul 3, 2009 11:00:17 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:1,592 Points:687,035 Joined:Apr 2005	Message Posted: Jul 3, 2009 10:58:44 Ignore THEDodgeman Report Abuse going to the bank.....
Wizrd03 Champion Author Illinois Posts:1,790 Points:378,515 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:57:28 Ignore Wizrd03 Report Abuse What about crude sold elsewhere?
nedthenanite Champion Author Mississippi Posts:2,641 Points:499,050 Joined:May 2008	Message Posted: Jul 3, 2009 10:56:22 Ignore nedthenanite Report Abuse Yeah but will we see any of it at the pump?
mreMN Veteran Author Twin Cities Posts:299 Points:123,150 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:53:44 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 10:52:27 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 10:46:56 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 10:44:14 Ignore CUBBUC Report Abuse Good Article...Thanks!
toyota1999 Champion Author Louisville Posts:4,434 Points:881,020 Joined:May 2007	Message Posted: Jul 3, 2009 10:41:28 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:2,649 Points:1,340,785 Joined:Jun 2004	Message Posted: Jul 3, 2009 10:40:04 Ignore rjoeh Report Abuse Hard to imagine them cutting the price of anything.
gr8oakOH Champion Author Akron Posts:1,912 Points:502,165 Joined:Nov 2007	Message Posted: Jul 3, 2009 10:39:51 Ignore gr8oakOH Report Abuse just proves how much oil companies are making at $66.00 per barrel
kingpin6 Champion Author Arkansas Posts:1,255 Points:489,575 Joined:Jul 2007	Message Posted: Jul 3, 2009 10:34:54 Ignore kingpin6 Report Abuse Doesn't do anything for the rest of the world.
Romey08 All-Star Author Virginia Posts:603 Points:305,435 Joined:Apr 2008	Message Posted: Jul 3, 2009 10:34:43 Ignore Romey08 Report Abuse OK
jimshell Champion Author Pennsylvania Posts:1,045 Points:252,280 Joined:Sep 2004	Message Posted: Jul 3, 2009 10:33:22 Ignore jimshell Report Abuse Let them eat oil.
OKRifle Champion Author Oklahoma City Posts:3,355 Points:563,845 Joined:Oct 2007	Message Posted: Jul 3, 2009 10:33:02 Ignore OKRifle Report Abuse I like greatscot08's comment!
mplato Champion Author Columbia Posts:2,945 Points:756,640 Joined:Jun 2004	Message Posted: Jul 3, 2009 10:32:10 Ignore mplato Report Abuse light sweet crude is what makes the world go round
greatscot08 All-Star Author Columbus Posts:749 Points:152,755 Joined:Jun 2008	Message Posted: Jul 3, 2009 10:24:36 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:362,460 Joined:May 2008	Message Posted: Jul 3, 2009 10:21:51 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 10:21:25 Ignore akeatts Report Abuse Conserve!
phurburger Champion Author Atlanta Posts:1,719 Points:364,145 Joined:Oct 2005	Message Posted: Jul 3, 2009 10:15:34 Ignore phurburger Report Abuse And what will that mean to the U.S. economy?