ENERGY BRIEFS

ENERGY BRIEFS

SAUDI ARABIA DELAYS

ALLOCATION DECISIONSaudi Arabia informed Far Eastern customers that allocations of crude oil for June loading will be announced May 11 instead of May 10, refiners in Japan and Taiwan said.

The delay is meant to give the Saudis more time to assess the impact of last week's Organization of Petroleum Exporting Countries' production accord.

A production cut combined with commitments made earlier to Western customers could result in a cut of allocations to the Far East.

But because crude is abundant on the spot market, an allocation cut wouldn't have a strong effect on prices, traders said.

Meanwhile, Saudi Arabia's price formulas for June are expected soon, possibly today. Refiners don't expect any change from May.

Arab Light for May is priced at a premium of 25 cents a barrel over Oman and Dubai crude. Arab Medium carries a 45 cent discount, and Arab Heavy has a $1 discount.

INDIAN OIL ISSUES

CRUDE BUYING TENDER

SINGAPORE - The Indian Oil Corp. issued a buying tender for Middle Eastern and Far Eastern crude oil, traders said.

The tender closes Wednesday.

The IOC is asking for offers of Saudi Arabian, Kuwaiti, Iranian, Abu Dhabi and Malaysian crudes.

The total quantity that will be bought is not clear, but traders hope strong Indian demand will emerge and support the market.