Saudi to supply full crude allocations to most Asian refiners: sources

11 Sep 2017   Saudi Arabia

Saudi Arabia will supply full contracted volumes of crude oil to at least five north Asian term buyers in October, while a sixth regional refiner was notified of cuts to its October Arab Extra Light supplies, sources familiar with the matter said on Monday. The October allocations are in contrast to the steep cuts in the September allotments and reaffirms Saudi Arabia’s desreaffirmintain its Asian market share. Saudi Arabia is the world’s biggest crude exporter. Saudi Arabia is likely taking advantage of the lower refinery run rates and ample crude inventories in the United States in the wake of Hurricane Harvey, to redirect the allocation cuts from Asia to the United States, a trader who specializes in Middle East crude supplies said. “Saudi allocations are all about the math. They can cut U.S. allocations and supply that to Asia,” the trader added. A source […]

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