US refners are buying more Mideast Gulf sour crude as Saudi Arabia and Iraq intensify their fght for global market share. US imports of Mideast Gulf crude are beginning to rise after hitting a 27-year low in August (see graph, upper left). High US output growth started to back out imports from the region in 2012. But cuts to Mideast Gulf offcial formula prices to the Americas in recent months have boosted demand in the US. Saudi Aramco lowered formula prices for its US-bound crude sales by $0.80-1.00/bl between September and November, while Iraqi crude marketing frm Somo made cuts of $0.50-1.95/bl over the same period. US buyers have raised their purchases from the region in response.
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