Saudi "special brew" oil gives traders headache

[phantom power]

LONDON, March 30 (Reuters) - Saudi Arabia's new oil blend sold to Europe this month to compensate for lost Libyan barrels is meeting muted response from traders and refiners who are still in the dark over future volumes and unsure of its quality.

Saudi Arabia has sold 2 million barrels of new crude or three mid-sized cargoes to European buyers, a source at state-run Saudi Aramco said on Tuesday.

The yet-to-be officially named blend, dubbed "special brew", was bought by BP (BP.L) and Austria's OMV. New volumes are expected in April but traders said the crude would not be an adequate substitute for Libyan easy-to-refine, light, sweet oil.

"I don't think it is a serious substitution. It is adding to the pressure on sour grades and I would want zero of this stuff in the region," said a major player in the Mediterranean.

...

"I don't think this is exactly what the industry is looking for. The quality might be close to Es Sider but not to other (Libyan) grades which are much sweeter," one trader said.

http://uk.reuters.com/article/2011/03/30/saudi-oil-blend-idUKLDE72T22820110330

[Nihil]

1. "Special Brew" gives more of a hangover than a headache ...

... so it is probably an appropriate name for the crap that the Saudi's
are pushing to encourage the "march of freedom" for the connoisseur's choice
of Libyan sweet ...