Exclusive: Saudis to cut August oil exports to lowest level this year – source

12 Jul 2017   OPEC, Saudi Arabia

Saudi Arabia will cut crude oil shipments to its customers in August by more than 600,000 barrels per day to balance the rise in domestic consumption during the summer, while staying within its OPEC production commitment, a Saudi industry source said. “There is strong demand for our crude but we are sticking to our OPEC commitments,” the source, who is familiar with the kingdom’s oil policy, said on Wednesday. “In order to meet its OPEC quota and meet its domestic demand during summer, Saudi Arabia has made big cuts in allocations internationally by more than 600,000 bpd for the month of August,” the source said. Crude exports for August will fall to their lowest level this year at around 6.6 million bpd, the source added. Crude allocations to Asia for […]

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