Gulf Oil and Gas accountACCOUNT

Saudi to Supply Full Crude Allocations to Most Asian Refiners

Source: Reuters 9/11/2017, Location: Middle East

Saudi Arabia will supply full contracted volumes of crude oil to at least five north Asian term buyers in October, while a sixth regional refiner was notified of cuts to its October Arab Extra Light supplies, sources familiar with the matter said.

The October allocations are in contrast to the steep cuts in the September allotments and reaffirms Saudi Arabia's desire to maintain its Asian market share. Saudi Arabia is the world's biggest crude exporter.

Saudi Arabia is likely taking advantage of the lower refinery run rates and ample crude inventories in the United States in the wake of Hurricane Harvey, to redirect the allocation cuts from Asia to the United States, a trader who specialises in Middle East crude supplies said.

"Saudi allocations are all about the math. They can cut U.S. allocations and supply that to Asia," the trader added.

A source from the sixth Asian refiner said that its October supply of Arab Extra Light crude was cut by 10 percent, likely because of repair work in September at Saudi Arabia's Abqaiq oilfield, which produces the grade.

Oil News in Saudi Arabia >>

Saudi Arabia >>  11/13/2019 - Sadara Chemical Company (Sadara) and Baker Hughes have signed agreements through which Sadara will supply feedstock chemicals to a Baker Hughes chemic...
Kuwait >>  11/12/2019 - Honeywell (HON) announced that Kuwait Integrated Petroleum Industries Company (KIPIC) has selected Honeywell Process Solutions (HPS) to be the main au...

United Arab Emirates >>  11/12/2019 - ADNOC LNG has concluded supply agreements with subsidiaries of BP and TOTAL, effectively booking out the majority of its LNG production through Q1 202...
United Arab Emirates >>  11/11/2019 - Penspen has been awarded a prestigious Project Management Consultancy (PMC) framework agreement from the Abu Dhabi National Oil Company (ADNOC). The f...

Oman >>  11/6/2019 - Rex International Holding subsidiary Masirah Oil has announced that it has awarded a drilling rig contract to Foresight Offshore Drilling, to utilize ...
United Arab Emirates >>  11/5/2019 - GMS announces the award of a 4-year contract (firm period) for a K-Class (Small) vessel. GMS's customer is a Middle East national oil company, for whi...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.