RIL, Essar Oil may gain from likely price cut in Saudi crudes

Saudi Arabia is reported to be considering a cut in prices of the medium and heavy grades of crude used by complex refiners

Reliance Industries and Essar Oil may gain from a likely cut in prices for medium and heavy grades of crude oil sold by Saudi Arabia to Asia, according to media reports.

Saudi Arabia is reported to be considering a cut in prices of the medium and heavy grades of crude used by complex refiners.

"However, as per media reports, we understand crude prices are unlikely to be over $60-65/bbl level over the next 10-12 months," Essar Oil was quoted as saying.