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Saudi to Supply Full Crude Oil Volume to Asia in May

Source: Bloomberg 4/9/2012, Location: Middle East

Saudi Arabian Oil Co., the region’s largest supplier, will provide full contracted volumes to customers in Asia during May, according to four buyers at refineries in South Korea, Japan and Singapore who were notified by the company. They declined to be identified because the information is confidential.

The May Brent-Dubai (PVMMDBSP) exchange for swaps, which measures the European marker grade’s premium against the Middle East oil, rose 35 cents to $3.85 a barrel, according to data from PVM Oil Associates Ltd., a London-based broker. The June EFS also dropped 15 cents, to $3.97.

Dubai crude’s backwardation, when the price for delivery now is greater than that for later, fell 8 cents. Swaps for May were $1.72 a barrel more than July, according to PVM data.

Oman for June delivery was down $1.19 to $119.41 a barrel at 4:57 p.m. Singapore time on the Dubai Mercantile Exchange, with 1,561 contracts traded. The contract closed at $119.66 at 12:30 p.m. Dubai time.

JX Nippon Oil & Energy Corp. (5001) suspended talks with Iran over the renewal of a 10,000 barrel-a-day crude supply contract that was scheduled to start in April, according to a company official who declined to be identified because of internal policy.

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