Spot price for Saudi light oil drops
NZPA London Traders in the free crude oil market had reduced the spot price of Saudi Arabian light crude about USBOc (SNZI.OB) a barrel after O.P.E.C.’s abortive week-end meeting and threats of a cut in official Saudi contract prices, oil industry sources said yesterday. After the Organisation of Petroleum Exporting Countries failed to set agreed output quotas to underpin prices, several Oil Ministers did not rule out a reduction in the Saudi long-term contract price-of SUS 34 ($45.9).
The Saudis said they would monitor the market before deciding anything. Industry sources said noncontract Arab light was
quoted vesterdav around $U531.20 ’(s42.ol)’a barrel, down from SUS 32 ($43.02) before O.P.E.C. met in Vienna. The Venzuelan Oil Minister (Dr Humberto Calderon Berti) was quoted by Venezuelan reporters yesterday as saying that he guaranteed that no Saudi decision had yet been made.
He said that six O.P.E.C. members — Kuwait, Algeria, Indonesia, Ecuador, the United Arab Emirates, and Venezuela — had met after the O.P.E.C. meeting and had continued in daily contact to draw up • a stratgegy for defending O.P.E.C. prices. These are now aligned on SUS 34 ($45 09) for Saudi light, used as a reference price.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19820715.2.61.12
Bibliographic details
Press, 15 July 1982, Page 9
Word Count
200Spot price for Saudi light oil drops Press, 15 July 1982, Page 9
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.