Saudi Aramco to supply full oil volumes to N. Asia refiners
Business
Saudi Aramco to supply full oil volumes to N. Asia refiners
SINGAPORE (Reuters) - Saudi Aramco (2222.SE) has notified at least four North Asian buyers that it will supply full contractual volumes of crude oil in December, people with knowledge of the matter said on Thursday.
The top oil exporter confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) translating into production of around 9 million bpd for December.
But refiners in China, the largest buyer of Saudi crude oil, have slightly trimmed their nominated volume for December, totalling around 46 million barrels, compared to about 47 million barrels for November and around 50 million barrels for October, the trading sources said.
The lower nomination comes as Chinese refiners reduce their refining runs over thinning margins and a shortage of product export quotas which discourages plants from raising output for the rest of 2023.
Saudi Aramco has kept the December official selling price (OSP) for its flagship crude Arab Light for Asian customers unchanged from the prior month, pausing a five-month price hike cycle and standing at the highest level this year.
