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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:3,598 Points:1,244,475 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:410 Points:136,955 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:8,007 Points:1,622,155 Joined:Jun 2007	Message Posted: Jul 4, 2009 9:24:03 AM Ignore armstrmb Report Abuse Keep conserving.
Black Wagon Champion Author Illinois Posts:4,992 Points:1,416,500 Joined:Mar 2004	Message Posted: Jul 4, 2009 9:23:22 AM Ignore Black Wagon Report Abuse I'm sorry tohear that their profits have declined. TOUGH!
Lengas Champion Author Gary Posts:11,074 Points:2,250,550 Joined:Nov 2004	Message Posted: Jul 4, 2009 9:23:09 AM Ignore Lengas Report Abuse Way downnnnnnnnnnnnnnnn
thwadi Champion Author Cleveland Posts:2,552 Points:896,710 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:2,310 Points:398,460 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:36,611 Points:1,438,140 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:6,500 Points:1,945,520 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:7,240 Points:1,781,015 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 All-Star Author Louisiana Posts:535 Points:1,418,070 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:187,000 Points:1,119,100 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:6,359 Points:1,126,700 Joined:Mar 2005	Message Posted: Jul 4, 2009 9:14:08 AM Ignore Pozole Report Abuse ...bring it down...
jd2009 Champion Author Honolulu Posts:3,310 Points:1,028,425 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:6,378 Points:1,151,175 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:6,692 Points:1,623,500 Joined:Oct 2006	Message Posted: Jul 4, 2009 9:08:26 AM Ignore Marson Report Abuse Interesting.
jackson661 Champion Author Columbus Posts:2,781 Points:1,046,175 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:5,816 Points:1,154,635 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:2,987 Points:766,760 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:7,470 Points:1,589,560 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:5,037 Points:1,083,080 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:9,019 Points:1,319,805 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:15,047 Points:2,217,845 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:4,110 Points:1,069,185 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:6,757 Points:2,089,845 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:8,583 Points:1,700,640 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:7,916 Points:1,666,485 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:5,752 Points:1,177,165 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:5,432 Points:870,095 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:6,967 Points:1,302,310 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:6,123 Points:1,339,845 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:1,880 Points:1,017,375 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:4,965 Points:1,460,535 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:7,489 Points:2,178,305 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:5,747 Points:1,124,885 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:6,045 Points:1,129,490 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:11,065 Points:2,111,110 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:6,309 Points:1,017,395 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 Champion Author Virginia Posts:1,041 Points:131,715 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:6,711 Points:1,323,540 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:623 Points:1,384,210 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:8,374 Points:1,610,375 Joined:Mar 2005	Message Posted: Jul 4, 2009 4:12:44 AM Ignore LoneStarFX Report Abuse iii
georgeo Champion Author California Posts:4,172 Points:178,915 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:21,163 Points:2,638,520 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:4,445 Points:1,102,150 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:2,387 Points:953,325 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:9,330 Points:2,525,745 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:7,231 Points:1,541,920 Joined:Apr 2007	Message Posted: Jul 4, 2009 3:18:56 AM Ignore findcheap Report Abuse "may" . . ?