Saudi Aramco has notified at least four North Asian buyers that it will supply full contractual volumes of crude oil in November, sources with knowledge of the matter said on Tuesday, as the Kingdom maintained its output policy.
The world’s top oil exporter reaffirmed last week that it will stick with oil supply reduction of 1 million barrels a day to the end of 2023.
Refiners in China, the largest buyer of Saudi crude oil, have kept their nominated volumes steady in November, totalling around 47 million barrels, compared to about 50 million barrels in the prior month, the trading sources said.
“The supply and demand for Saudi oil seem stable at this moment, despite the high prices,” said one of the people.
Saudi Aramco raised the price of its flagship Arab Light crude to Asian customers in November for a fifth month to its highest level this year.
Source: Hellenic Shipping News
