Saudi Arabia to cut oil supply to Asia
Saudi Aramco, the world's largest state oil company, will cut crude oil exports to Asian refiners for a tenth month in August, refinery officials said.
By Agencies |
JEDDAH: Saudi Aramco, the world's largest state oil company, will cut crude oil exports to Asian refiners for a tenth month in August, refinery officials said.
The Dhahran, Saudi Arabia-based oil producer will reduce supplies of its Arab Light and Arab Heavy crude oil to refiners in Japan, China and South Korea by between 9 per cent and 10 per cent below the volumes set out in annual supply contracts, said three refinery officials, who received notices from the company and asked not to be identified because of confidentiality agreements.
Saudi Arabia is lowering exports to comply with a 1.7 million barrel-a-day production cut agreed since November last year by the Organization of Petroleum Exporting Countries. The nation's state-run company has trimmed shipments below contracted levels since November.
The Dhahran, Saudi Arabia-based oil producer will reduce supplies of its Arab Light and Arab Heavy crude oil to refiners in Japan, China and South Korea by between 9 per cent and 10 per cent below the volumes set out in annual supply contracts, said three refinery officials, who received notices from the company and asked not to be identified because of confidentiality agreements.
Saudi Arabia is lowering exports to comply with a 1.7 million barrel-a-day production cut agreed since November last year by the Organization of Petroleum Exporting Countries. The nation's state-run company has trimmed shipments below contracted levels since November.
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