Oil supplies from Saudi Arabia will be reduced to some Chinese buyers next month, and will fully meet the demands of other buyers in Asia, at a time when OPEC + has pledged to accelerate oil production growth, according to broadcasts Bloomberg.
Japan, South Korea, Thailand and India will receive the requested quantities of oil, and some will even receive additional supplies, according to refinery officials, who asked not to be named, as the information is private. The state-owned trading company Saudi Aramco usually does not provide buyers with a reason why the quantities are reduced.
Many buyers in Asia have asked Aramco for more oil this week as they look for alternatives to Russian supplies.
China and India continue to be big buyers of Russian crude after Moscow’s invasion of Ukraine, enjoying big discounts on their willingness to continue importing Russian oil.
Saudi Arabia’s oil supplies were highly sought after by many in Asia in July.
Despite higher-than-expected price increases, buyers are still finding its cargo more affordable than arbitrage supplies from the North Sea and the US, after falling reference prices in the Middle East against the London and US indices.
Source: Capital
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