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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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MINImine Veteran Author Dayton Posts:453 Points:625,425 Joined:May 2008	Message Posted: Jul 5, 2009 7:37:38 PM Ignore MINImine Report Abuse Whatever happens, blame Obama
Bou Champion Author Maine Posts:6,362 Points:1,701,090 Joined:Jan 2005	Message Posted: Jul 5, 2009 7:37:28 PM Ignore Bou Report Abuse I wondered when they would smarten up.
jwduke1 Champion Author Iowa Posts:11,300 Points:2,216,410 Joined:Apr 2004	Message Posted: Jul 5, 2009 7:35:52 PM Ignore jwduke1 Report Abuse I doubt gas prices will drop.......
Beau2140 Champion Author New York Posts:3,335 Points:676,560 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:35:40 PM Ignore Beau2140 Report Abuse I'll believe a drop in price when I see it at the pump.
WES03 All-Star Author Maryland Posts:793 Points:396,185 Joined:Feb 2009	Message Posted: Jul 5, 2009 7:35:35 PM Ignore WES03 Report Abuse The market place at work????
Lawndawg Sophomore Author Sacramento Posts:105 Points:146,115 Joined:Jun 2009	Message Posted: Jul 5, 2009 7:35:04 PM Ignore Lawndawg Report Abuse I long for the day when they have a hard time finding customers for their oil.
mdegug Champion Author Rochester Posts:1,060 Points:393,775 Joined:Jul 2008	Message Posted: Jul 5, 2009 7:34:03 PM Ignore mdegug Report Abuse They don't have anymore room to put the Money
kbierley Champion Author Dayton Posts:8,635 Points:1,072,910 Joined:Nov 2003	Message Posted: Jul 5, 2009 7:31:59 PM Ignore kbierley Report Abuse Drill for More American Oil, NOW!
NightDiver Champion Author Illinois Posts:2,021 Points:732,835 Joined:Mar 2007	Message Posted: Jul 5, 2009 7:30:49 PM Ignore NightDiver Report Abuse I hope this starts price wars amongst the OPEC members!!!
gg42210 Champion Author Kentucky Posts:1,899 Points:332,970 Joined:Aug 2008	Message Posted: Jul 5, 2009 7:29:06 PM Ignore gg42210 Report Abuse dont see any price drop at the pump.
leeso1 Champion Author San Diego Posts:2,637 Points:435,105 Joined:May 2009	Message Posted: Jul 5, 2009 7:26:40 PM Ignore leeso1 Report Abuse state owned? and just who owns that state? hmmmmmmmm
goodbuy Champion Author Michigan Posts:3,148 Points:534,535 Joined:May 2005	Message Posted: Jul 5, 2009 7:26:37 PM Ignore goodbuy Report Abuse Just set a price and leave it there for a couple of years and we all will be happy.
K1500 Champion Author Birmingham Posts:1,055 Points:187,170 Joined:May 2008	Message Posted: Jul 5, 2009 7:24:07 PM Ignore K1500 Report Abuse Well, better than nothing.
macbeth2012 Champion Author Wisconsin Posts:1,783 Points:336,985 Joined:Jan 2009	Message Posted: Jul 5, 2009 7:21:11 PM Ignore macbeth2012 Report Abuse Big cut are coming, the world is over supplied.
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 5, 2009 7:14:38 PM Ignore korklenut Report Abuse 75cents a barrel is miniscule. Thats like a slap in the face when our demand is dropping.
ponymom Champion Author Cincinnati Posts:1,702 Points:332,340 Joined:May 2008	Message Posted: Jul 5, 2009 7:13:18 PM Ignore ponymom Report Abuse They are up to something.
Bonanza Champion Author Boston Posts:6,211 Points:1,571,665 Joined:Jun 2004	Message Posted: Jul 5, 2009 7:11:51 PM Ignore Bonanza Report Abuse The prices is starting to drop here.
MINER Champion Author Pittsburgh Posts:8,426 Points:2,468,370 Joined:Jul 2002	Message Posted: Jul 5, 2009 7:09:36 PM Ignore MINER Report Abuse As great as that sounds, can I point out they are manipulating oil prices, ie gas prices...Why did they not do it last summer when crude hit $4.??.... Conserve, conserve, conserve...
rxman1 Champion Author Toledo Posts:4,335 Points:905,430 Joined:Nov 2007	Message Posted: Jul 5, 2009 7:08:45 PM Ignore rxman1 Report Abuse Good news for the world economy.
harleydoctor Champion Author Kansas Posts:2,475 Points:961,430 Joined:Sep 2005	Message Posted: Jul 5, 2009 7:07:40 PM Ignore harleydoctor Report Abuse I GOT NO USE FOR THAT COUNTRY PERIOD.........
spudly03 Champion Author Boise Posts:1,140 Points:276,740 Joined:Sep 2007	Message Posted: Jul 5, 2009 7:05:44 PM Ignore spudly03 Report Abuse Oil wars?
mandoid Champion Author Colorado Springs Posts:2,886 Points:611,570 Joined:May 2008	Message Posted: Jul 5, 2009 7:04:46 PM Ignore mandoid Report Abuse grat let's keep feeding that despotic regime.
butterflyXB Rookie Author California Posts:45 Points:265,425 Joined:Jul 2008	Message Posted: Jul 5, 2009 6:58:12 PM Ignore butterflyXB Report Abuse I agree, competition is a good thing.
ByGuy Champion Author Dallas Posts:3,221 Points:784,685 Joined:Nov 2005	Message Posted: Jul 5, 2009 6:57:19 PM Ignore ByGuy Report Abuse Okay, competition is heating up?
Z51Corvette Champion Author Austin Posts:4,120 Points:799,890 Joined:Jan 2008	Message Posted: Jul 5, 2009 6:57:05 PM Ignore Z51Corvette Report Abuse Guess what they woke up and smelled the coffee... er oil... Better late than never...
CiVX Champion Author Oakland Posts:3,103 Points:528,585 Joined:Feb 2009	Message Posted: Jul 5, 2009 6:53:32 PM Ignore CiVX Report Abuse If its below the cost of domestic crude, could competition be the motivation.
salog Champion Author Columbia Posts:3,515 Points:876,005 Joined:Oct 2006	Message Posted: Jul 5, 2009 6:42:39 PM Ignore salog Report Abuse hey someone has a few brain cells. they finally realized if they don't lower the price, we will not buy.
Paw5X Champion Author Gary Posts:5,694 Points:1,540,170 Joined:May 2005	Message Posted: Jul 5, 2009 6:40:10 PM Ignore Paw5X Report Abuse I'll drink to that!
Pi314CA Champion Author San Jose Posts:3,842 Points:700,325 Joined:Aug 2008	Message Posted: Jul 5, 2009 6:35:21 PM Ignore Pi314CA Report Abuse Good news! Hope it translates to lower pump prices soon.
westover Champion Author New Jersey Posts:8,472 Points:1,668,840 Joined:Nov 2005	Message Posted: Jul 5, 2009 6:29:44 PM Ignore westover Report Abuse Good news.
mk9999 Champion Author Rochester Posts:2,952 Points:691,245 Joined:Aug 2008	Message Posted: Jul 5, 2009 6:28:12 PM Ignore mk9999 Report Abuse Keep conserving and the price will keep falling.
clermont40miles Champion Author Cincinnati Posts:4,746 Points:802,995 Joined:Apr 2008	Message Posted: Jul 5, 2009 6:15:02 PM Ignore clermont40miles Report Abuse Conservation is working its magic. Keep on sipping and not guzzling.
vamike Champion Author Virginia Posts:1,402 Points:439,065 Joined:Dec 2008	Message Posted: Jul 5, 2009 6:14:49 PM Ignore vamike Report Abuse Any news that would drive pump prices down is ignored.
jwalkerh Champion Author Louisiana Posts:2,092 Points:559,875 Joined:Oct 2008	Message Posted: Jul 5, 2009 6:14:44 PM Ignore jwalkerh Report Abuse We will see how things go this winter, we need time to recover and speculation will not help.
Mowerman08 All-Star Author Milwaukee Posts:959 Points:429,700 Joined:Aug 2008	Message Posted: Jul 5, 2009 6:05:27 PM Ignore Mowerman08 Report Abuse So what does this to to futures trading?
OTISFL All-Star Author Pensacola Posts:828 Points:148,380 Joined:Apr 2009	Message Posted: Jul 5, 2009 6:04:58 PM Ignore OTISFL Report Abuse Temporary for sure.
CISA Champion Author Orange County Posts:2,089 Points:673,320 Joined:Dec 2006	Message Posted: Jul 5, 2009 6:00:11 PM Ignore CISA Report Abuse Let's hope this is only temporary -- as increased demand = increased prices = increased job = booming economy.
pliskin Champion Author Syracuse Posts:3,190 Points:974,425 Joined:Apr 2005	Message Posted: Jul 5, 2009 5:58:58 PM Ignore pliskin Report Abuse It's only temporary, I'm sure, and somehow I don't think they can be fully trusted either. [Edited by: pliskin at 7/5/2009 5:59:14 PM EST]
CoffeeTrader Champion Author Victoria Posts:2,412 Points:443,680 Joined:Sep 2008	Message Posted: Jul 5, 2009 5:55:08 PM Ignore CoffeeTrader Report Abuse It remains to be seen what effect this will have on gas prices.
stugha Champion Author Massachusetts Posts:2,161 Points:266,065 Joined:Sep 2006	Message Posted: Jul 5, 2009 5:50:28 PM Ignore stugha Report Abuse Hopefully the savings will trickle down to the PUMP.
miamimusic Champion Author Miami Posts:1,477 Points:507,830 Joined:Oct 2008	Message Posted: Jul 5, 2009 5:49:02 PM Ignore miamimusic Report Abuse How generous. They cut prices this month - next month they'll more than make up for it, I'm sure.
star_deceiver Champion Author British Columbia Posts:3,001 Points:700,650 Joined:Jun 2008	Message Posted: Jul 5, 2009 5:45:34 PM Ignore star_deceiver Report Abuse In theory that will lower prices, in reality nothing will change
ChEPhD Champion Author Pittsburgh Posts:1,050 Points:212,470 Joined:Feb 2009	Message Posted: Jul 5, 2009 5:42:02 PM Ignore ChEPhD Report Abuse great - this should definitely lower the gas prices
Amtrgas Champion Author Oakland Posts:2,134 Points:782,435 Joined:Dec 2007	Message Posted: Jul 5, 2009 5:39:34 PM Ignore Amtrgas Report Abuse Hope those savings are pasted on to the consumer.
caddilac Champion Author Ontario Posts:10,642 Points:1,158,080 Joined:Apr 2007	Message Posted: Jul 5, 2009 5:32:56 PM Ignore caddilac Report Abuse And the oil companies will keep all of the savings and not pass any onto the final consumer, you and me.
johnwinger Champion Author Twin Cities Posts:5,347 Points:1,211,170 Joined:Oct 2001	Message Posted: Jul 5, 2009 5:32:52 PM Ignore johnwinger Report Abuse Gee, thanks!
tomok Champion Author Portland Posts:18,274 Points:1,364,110 Joined:Aug 2006	Message Posted: Jul 5, 2009 5:32:45 PM Ignore tomok Report Abuse Lower crude prices? Oil up – gasoline prices up Oil down - gasoline prices up.
billsandi Champion Author Lexington Posts:7,572 Points:1,408,225 Joined:Aug 2005	Message Posted: Jul 5, 2009 5:30:30 PM Ignore billsandi Report Abuse Could they be hearing footsteps of obsolescence?
REBA1055 Sophomore Author Ohio Posts:236 Points:426,405 Joined:Apr 2008	Message Posted: Jul 5, 2009 5:29:47 PM Ignore REBA1055 Report Abuse I guess you think the recession was because of gas prices well you are wrong, the Clinton Administration lifted some of the restrictions on the banking industry and they thought great we'll screw the American people and make great profits for the banks and namely the Presidents of the Banks, so then things got to slowing down and these banks who gave sub-prime loans started to default because of the restrictions being lifted and giving there employees big bonus so they went to the the US government and ask to be bailed out, well there employees still got the big bonuses people still lost there homes and some of us who are working to keep what we own or are buying got screwed. Now it didn't help that the oil companies lined there pockets with money while the rest of us struggled. This might help us but who knows until the get the rest of the banking and car industry straightened out the we wait. Just remember it's not over yet.
ramboTX Champion Author Dallas Posts:4,278 Points:833,465 Joined:Aug 2007	Message Posted: Jul 5, 2009 5:27:01 PM Ignore ramboTX Report Abuse they are afraid if prices remain too high. Alternative fuels would become a priority for other countries. They haven't amassed the wealth that they need to become a world power, yet.
subnuke Champion Author Atlanta Posts:2,783 Points:562,825 Joined:Sep 2008	Message Posted: Jul 5, 2009 5:26:23 PM Ignore subnuke Report Abuse Prices down 14 cents here from its high a couple of weeks ago.
GOLDWING2003 Champion Author California Posts:1,713 Points:421,310 Joined:Jun 2008	Message Posted: Jul 5, 2009 5:25:47 PM Ignore GOLDWING2003 Report Abuse The Kuwati's, just like the Saudi's, don't want it to be economically feasible for us to look for alternatives.