Saudi Aramco has told at least five customers in North Asia they will receive full contract volumes of crude oil in November, several sources with knowledge of the matter said on Monday.
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo
The full supply allocation comes despite a decision by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, to lower their output target by 2 million barrels per day. read more
Saudi Energy Minister Abdulaziz bin Salman had said the real supply cut would be about 1 million to 1.1 million bpd. Analysts expect Saudi Arabia, the United Arab Emirates and Kuwait to shoulder much of the production cuts because other OPEC+ members are falling behind output targets.
Saudi Aramco could not be immediately reached for comment outside office hours.
