Saudi Aramco May Cut Heavy Oil Price as Refiner Profits Drop

Saudi Arabian Oil Co., the world’s biggest crude exporter, may cut the official selling price of its August-loading Heavy grade to Asia as processing profits for refiners producing fuel oil have declined.

Arab Heavy, the country’s densest grade, may drop by 35 cents a barrel from the July price, according to the median estimate of a survey of nine refiners from Japan, Taiwan, India, China and South Korea. The company, known as Saudi Aramco, is expected to issue prices next week. Arab Light, Aramco’s largest export type, may drop by 10 cents a barrel, said the refiners, who asked to remain unidentified, citing company policy.