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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.

Crude Oil News in Saudi Arabia >>

Oman >>  5/15/2019 - KBR, Inc. (KBR) has been awarded a Front End Engineering Design (FEED) contract by Oman LNG L.L.C for the debottlenecking of their facility at Sur in ...
United Arab Emirates >>  5/10/2019 - McDermott International has been awarded a sizeable* contract by ADNOC to provide FEED services on a design-competition basis for phase one of the Umm...

Iraq >>  5/9/2019 - Iraq is planning a $53 billion mega project with global energy giants ExxonMobil and PetroChina to use seawater from the Persian Gulf to boost oil pro...
Qatar >>  5/9/2019 - Northern Offshore announces firm Letter of Awards for two (2) long-term contracts for its premium, heavy-duty jack-up drilling units from Qatar Petrol...

Saudi Arabia >>  5/3/2019 - KBR, Inc. (KBR) has received a three year extension to its existing General Maintenance Services (GMS) contract for the 440,000 bpd refinery at SATORP...
United Arab Emirates >>  5/1/2019 - McDermott International, Inc. (MDR) announced it has been awarded a sizeable* contract by ADNOC Refining to provide front-end engineering design (FEED...

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