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Saudi Aramco Cuts All Crude Prices to U.S. in August

Bloomberg -- July 5 (Bloomberg) -- Saudi Aramco, the world’s largest state-owned oil company, lowered its official selling prices for exports of all crude oil grades to the U.S. in August.

Saudi Arabia decreased the price of its heavy crude to all destinations, the company said in an e-mailed statement today. Aramco cut heavy crude prices to the U.S. the most, by 75 cents a barrel to $5.50 below the cost of West Texas Intermediate crude.

The price of extra light crude fell against WTI to the U.S, while Aramco increased extra light prices to Northwestern Europe, the Mediterranean and the Far East.

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Submitted Jul 05, 2009 By: TwoEyes

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honda0105 Champion Author Tallahassee Posts:8,218 Points:461,155 Joined:Nov 2008	Message Posted: Jul 6, 2009 7:11:11 PM Ignore honda0105 Report Abuse eddmac: you may be right. Let's wait and see what they still have in store.
eddmac Champion Author Washington Posts:3,652 Points:827,485 Joined:May 2006	Message Posted: Jul 5, 2009 9:25:37 PM Ignore eddmac Report Abuse Cutting prices may be in one hand, and cutting supplies in another.
TBONE3 Champion Author Pennsylvania Posts:3,027 Points:834,470 Joined:Mar 2005	Message Posted: Jul 5, 2009 9:22:23 PM Ignore TBONE3 Report Abuse Lets see if and how much retail gas prices go down. Bet it will not be proportionate to the drop in crude.
skybiker Champion Author South Carolina Posts:2,582 Points:502,205 Joined:Jul 2008	Message Posted: Jul 5, 2009 9:16:25 PM Ignore skybiker Report Abuse Oh watch...We will have a convenient fire at a refiner to limit gas supply and keep gas prices up....
CobraLeader Champion Author New Jersey Posts:186,742 Points:965,500 Joined:Apr 2007	Message Posted: Jul 5, 2009 9:15:43 PM Ignore CobraLeader Report Abuse Then the price of fuel should follow too.
rxman1 Champion Author Toledo Posts:3,455 Points:747,030 Joined:Nov 2007	Message Posted: Jul 5, 2009 9:12:04 PM Ignore rxman1 Report Abuse This is good but keep demand down. It is the only thing we can do to help keep prices low.
philthethrill Champion Author Hamilton Posts:2,354 Points:476,165 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:10:20 PM Ignore philthethrill Report Abuse getting close to that time of year again - DeHavilland
DeHavilland Champion Author Toronto Posts:3,214 Points:864,520 Joined:Jun 2007	Message Posted: Jul 5, 2009 9:08:41 PM Ignore DeHavilland Report Abuse Relax everyone, the refiners can and will still choke the supply to the pump thus keeping the price you pay high. All they have to do is shut down a refinery or two, or maybe schedule some 'maintenance'. I wouldn't want anyone to panic and think they might get a break.
Bagtag All-Star Author Georgia Posts:836 Points:824,350 Joined:May 2006	Message Posted: Jul 5, 2009 9:08:12 PM Ignore Bagtag Report Abuse So much for the "drill, drill, drill" philosophy!
must87searcher Champion Author Maryland Posts:3,311 Points:641,750 Joined:Apr 2008	Message Posted: Jul 5, 2009 9:07:18 PM Ignore must87searcher Report Abuse OPEC does not want to loose sales. They have had so much is so many years, that having the buyers go to different resources will cause the OPEC looses. That is something no business wants to happen this year!
waynemustang Champion Author Indiana Posts:2,517 Points:693,655 Joined:Nov 2006	Message Posted: Jul 5, 2009 9:00:30 PM Ignore waynemustang Report Abuse Starve OPEC, our enemy.
Pstreicher All-Star Author Tampa Posts:812 Points:289,440 Joined:Oct 2007	Message Posted: Jul 5, 2009 8:59:13 PM Ignore Pstreicher Report Abuse They want to pump up their income stream.
traindude Champion Author Virginia Beach Posts:2,557 Points:621,380 Joined:Jun 2007	Message Posted: Jul 5, 2009 8:57:50 PM Ignore traindude Report Abuse still the pump will go up somehow
waynemustang Champion Author Indiana Posts:2,517 Points:693,655 Joined:Nov 2006	Message Posted: Jul 5, 2009 8:57:26 PM Ignore waynemustang Report Abuse Good news, OPEC is being starved
FastAndy Champion Author Indianapolis Posts:3,807 Points:956,270 Joined:Jun 2007	Message Posted: Jul 5, 2009 8:56:58 PM Ignore FastAndy Report Abuse Sounds good but they are not doing it for us, it was a business decision they made.
RayJayT Champion Author Mississippi Posts:2,082 Points:463,055 Joined:Aug 2008	Message Posted: Jul 5, 2009 8:55:41 PM Ignore RayJayT Report Abuse But will the price at the pump go down
civicdutie Champion Author Rochester Posts:1,934 Points:389,875 Joined:Nov 2008	Message Posted: Jul 5, 2009 8:50:26 PM Ignore civicdutie Report Abuse Alternative energies will fuel our future and they are scared that demand may never be what it was before our economic meltdown.
egd Champion Author Twin Cities Posts:3,213 Points:1,169,060 Joined:Mar 2005	Message Posted: Jul 5, 2009 8:48:26 PM Ignore egd Report Abuse they want to keep oil cheap enough that present oil users/buyers will not shift to alternatives energies
niceguytx Champion Author Houston Posts:8,122 Points:1,579,475 Joined:Sep 2005	Message Posted: Jul 5, 2009 8:48:23 PM Ignore niceguytx Report Abuse This is seasonal as usual and one would give us a little credit for learning. But the oil companies benefit from our ability to do very little.
GypsyBC Veteran Author British Columbia Posts:344 Points:116,025 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:47:33 PM Ignore GypsyBC Report Abuse We need to come up with alternatives, people wake up.
cudatim Champion Author San Antonio Posts:1,538 Points:678,645 Joined:Jan 2007	Message Posted: Jul 5, 2009 8:46:24 PM Ignore cudatim Report Abuse Sounds good but wait for the other shoe to drop.
Wizrd03 Champion Author Illinois Posts:2,377 Points:494,230 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:42:18 PM Ignore Wizrd03 Report Abuse More game playing. Sell cruse to us below our own price to keep us dependent on foriegn oil
250FORD Champion Author Minnesota Posts:6,810 Points:1,075,760 Joined:Feb 2007	Message Posted: Jul 5, 2009 8:37:52 PM Ignore 250FORD Report Abuse NedW The biggest problem seems to be he wants to continue what has been done for the past eight years.
Romey08 Champion Author Virginia Posts:1,144 Points:414,910 Joined:Apr 2008	Message Posted: Jul 5, 2009 8:37:10 PM Ignore Romey08 Report Abuse They need to keep lowering prices.
Ticoman54 Champion Author Miami Posts:1,829 Points:424,735 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:36:43 PM Ignore Ticoman54 Report Abuse I agree with NedW.
heysailor Champion Author Pittsburgh Posts:3,811 Points:1,187,250 Joined:Mar 2006	Message Posted: Jul 5, 2009 8:36:30 PM Ignore heysailor Report Abuse OPEC wants to keep us addicted to oil; they know we can't drill our way out of this mess. They do want us to keep using oil rather than another energy source.
Tenshot All-Star Author Quad Cities Posts:604 Points:825,230 Joined:May 2005	Message Posted: Jul 5, 2009 8:33:05 PM Ignore Tenshot Report Abuse Why are they being nice?
ED6 Champion Author Riverside Posts:4,307 Points:839,015 Joined:Jul 2007	Message Posted: Jul 5, 2009 8:30:41 PM Ignore ED6 Report Abuse This should lower the gas at the pump.
jay4 Champion Author Colorado Springs Posts:5,046 Points:1,179,460 Joined:Apr 2006	Message Posted: Jul 5, 2009 8:29:08 PM Ignore jay4 Report Abuse Good news!
Jarod13 Champion Author Virginia Posts:2,172 Points:479,900 Joined:Oct 2008	Message Posted: Jul 5, 2009 8:27:32 PM Ignore Jarod13 Report Abuse greatscot08 -- you've got that right! It's certianly not the Americans pulling his strings. It won't be too long before we're all wearing tunics and speaking either Arabic or Chinese. God Bless the U.S.A.!
zeddieiv Champion Author Columbia Posts:3,026 Points:930,325 Joined:Oct 2006	Message Posted: Jul 5, 2009 8:20:45 PM Ignore zeddieiv Report Abuse cool
greatscot08 All-Star Author Columbus Posts:944 Points:187,135 Joined:Jun 2008	Message Posted: Jul 5, 2009 8:17:45 PM Ignore greatscot08 Report Abuse Actually what we're seeing is the payoff for Prez BHO bowing and kissing the Sheik's hand back there a couple of months ago.....Saudis know they've got Barry in their back pocket.....just pull the string and the puppet jumps.....
rjb21760 Champion Author Chicago Posts:2,097 Points:668,360 Joined:Oct 2006	Message Posted: Jul 5, 2009 8:16:13 PM Ignore rjb21760 Report Abuse Xmas in August
NedW Champion Author Indianapolis Posts:2,320 Points:504,425 Joined:Mar 2008	Message Posted: Jul 5, 2009 8:15:10 PM Ignore NedW Report Abuse It's definitely not because Obama is trying to get the economy going, again. Everything he's done so far practically guarantees the death of it.
CumminsFanOH Veteran Author Columbus Posts:453 Points:325,355 Joined:Jan 2009	Message Posted: Jul 5, 2009 8:14:10 PM Ignore CumminsFanOH Report Abuse An example of the hand being quicker than the eye.
NavyStore Champion Author Seattle Posts:1,883 Points:1,019,865 Joined:Aug 2005	Message Posted: Jul 5, 2009 8:09:05 PM Ignore NavyStore Report Abuse Why is America getting the price break? Maybe it could have something to do with President Obamas efforts to get the economy moving again, but my suspicious nature says it is because the auto manufacturers are trying to keep oil down as they clear out all those big trucks & SUV's while transitioning to hybrids & smaller vehicles. But it's just a guess.
blazerbob91 Champion Author Milwaukee Posts:2,517 Points:824,535 Joined:Aug 2005	Message Posted: Jul 5, 2009 8:07:40 PM Ignore blazerbob91 Report Abuse Look like they want to dump heavy crude.
bosrs All-Star Author Seattle Posts:863 Points:308,260 Joined:Oct 2006	Message Posted: Jul 5, 2009 8:02:19 PM Ignore bosrs Report Abuse what does that mean???
Muke Champion Author Virginia Beach Posts:2,624 Points:670,730 Joined:Jun 2007	Message Posted: Jul 5, 2009 8:01:39 PM Ignore Muke Report Abuse They have no choice. They were keeping the prices higher and demand was not justifying.
Bestworld Veteran Author San Jose Posts:390 Points:102,365 Joined:Feb 2007	Message Posted: Jul 5, 2009 7:59:58 PM Ignore Bestworld Report Abuse Fantastic news! I hope more and more price cuts for crude have to be made, just like more and more price hikes were foisted upon us in recent times past!
bguz Rookie Author Atlanta Posts:78 Points:47,955 Joined:Nov 2008	Message Posted: Jul 5, 2009 7:56:18 PM Ignore bguz Report Abuse Ah, the difficulties of controlling the world's oil.
jeromehasbargen Champion Author Minnesota Posts:1,650 Points:328,930 Joined:Jan 2009	Message Posted: Jul 5, 2009 7:54:39 PM Ignore jeromehasbargen Report Abuse Let's hope this actually translates into lower gas prices all over the USA.
mike911 Champion Author Detroit Posts:3,103 Points:1,051,640 Joined:Jan 2007	Message Posted: Jul 5, 2009 7:54:25 PM Ignore mike911 Report Abuse What's up with this?
tidbitKY Champion Author Kentucky Posts:1,455 Points:284,095 Joined:Mar 2009	Message Posted: Jul 5, 2009 7:46:54 PM Ignore tidbitKY Report Abuse Interesting. Why?
tom11743 Champion Author North Carolina Posts:1,740 Points:420,270 Joined:May 2005	Message Posted: Jul 5, 2009 7:45:18 PM Ignore tom11743 Report Abuse Every little bit helps.
abcdMA Champion Author Worcester Posts:2,284 Points:454,190 Joined:Nov 2008	Message Posted: Jul 5, 2009 7:44:33 PM Ignore abcdMA Report Abuse $0.75 per barrel--that is less than 2 cents per gallon
snewwee Champion Author Detroit Posts:4,193 Points:857,555 Joined:Sep 2007	Message Posted: Jul 5, 2009 7:41:34 PM Ignore snewwee Report Abuse Don't expect the oil companies to follow suit or how else will they be making billions in profits.
moody4u Champion Author Cincinnati Posts:2,173 Points:415,995 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:39:59 PM Ignore moody4u Report Abuse great
flyfast Champion Author Kansas City Posts:3,668 Points:713,990 Joined:Jan 2008	Message Posted: Jul 5, 2009 7:38:29 PM Ignore flyfast Report Abuse drilling will kept it down to
bigmaninarig Champion Author St. Louis Posts:2,906 Points:513,895 Joined:Jul 2008	Message Posted: Jul 5, 2009 7:37:24 PM Ignore bigmaninarig Report Abuse I guess we'll just wait and see in August.