Saudi to supply full contracted crude volumes to Asian buyers in July

saudi-aramcoRIYADH: Saudi Arabia, the world’s top crude oil exporter, will supply full contracted volumes of crude to at least five Asian buyers in July, industry sources with knowledge of the matter said on Monday.

State oil company Saudi Aramco will also supply full volumes of heavy crude for a third straight month, despite cutting supplies for this grade earlier this year, one of the sources said.

The normalisation of Saudi oil supplies to Asia comes as the OPEC kingpin seeks to protect its market share, even as OPEC and some non-OPEC producers agreed to extend supply cuts until March next year.

Aramco also separately agreed to provide additional crude on top of contracted volumes at the request of one of the buyers. Other buyers did not seek extra supplies after Aramco raised prices more than expected.

Aramco last month notified at least two Asian refiners of its first cuts in crude allocations for regional buyers since OPEC-led output reductions took effect in January.