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    Wednesday, July 9, 2008

    Saudis cuts price of light crude shipments to U.S. effective in August

    ABU DHABI — Saudi Arabia has reduced its price for light crude oil to the United States.

    Saudi Aramco has slashed the price of Extra Light crude by $2.30 to a premium of 10 cents a barrel above the West Texas Intermediate benchmark.

    The price reduction would be effective for shipments to the United States in August 2008, Middle East Newsline reported. For July, the reduction was $2.40.

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    Aramco, which raised most of its crude prices to Europe, also reduced the price of its Arab Light crude by 55 cents to a discount of $3 a barrel to the U.S. benchmark. U.S. refiners favor light crude oil for gasoline production.

    In July, Riyad, under U.S. pressure to boost exports, intends to increase crude oil production to 9.7 million barrels a day. This marked its third output increase in as many months.

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