Saudi Aramco has told at least seven clients in Asia they will receive full contract crude in November. before winter at its peak Several sources with knowledge of the matter said Monday.
Producers keep supply to Asia steady despite the tendency to cut production by tapping into inventory. The source said. Saudi Aramco to supply oil to Asia
Saudi Aramco cCan’t immediately be reached for comment outside of business hours..
The full allocation of supply took place despite decisions made by the Organization of the Petroleum Exporting Countries and its allies. including Russia Also known as OPEC+, cut its production target by 2 million barrels per day.
Saudi Energy Minister Abdul Aziz bin Salman said the actual supply cuts would be around 1 million to 1.1 million barrels per day. Analysts expect Saudi Arabia United Arab Emirates And Kuwait will face dramatic production cuts. As other OPEC+ members are falling on production targets.
Advisors FGE expects Saudi oil production targets to drop about 550,000 bpd in November from the previous month.
The world’s top exporter kept November crude oil prices for Asia largely unchanged compared to expectations for higher prices as it tries to maintain market share in the region.
