Saudi Aramco to Supply Complete Volumes of Crude Oil for September's Quota for North Asian Customers
Multiple sources said on Aug 11 that Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, despite the kingdom's unilateral voluntary output cut being extended.
Last week, the world's top oil exporter announced that it would extend the 1 million barrels-per-day (bpd) production cut by another month to September, and that it could be extended further or even deepened.
Amin Nasser, CEO of Saudi Aramco, stated on Aug 7 that the company's supplies to customers remain adequate.
According to three trading sources, despite Saudi Aramco's higher official selling prices (OSPs), Chinese refiners did not request lower supply volumes for September-loading cargoes.
They predicted that Chinese buyers would take 50 million to 52 million barrels of Saudi crude, up from about 38 million barrels in August. Due to high oil prices, some Chinese refiners have requested less supply from Saudi Aramco in the last three months, and have increased procurement from the Americas and West Africa.