Saudis To Slash Oil Exports To Asia By 100,000 Bpd

12 Dec 2017   Prices, Saudi Arabia

Saudi Arabia will cut its crude oil exports to Asia by more than 100,000 bpd in January compared to December, while keeping its shipments to Europe and the U.S. at the December levels, the Saudi Energy Ministry said on Monday. “Aramco will maintain its overall supply levels next month at their recent low levels,” the ministry said in a statement, as carried by Reuters. “We hope that by leading by example, our partners from OPEC and non-OPEC will do the same in order to keep conformity levels above 100 percent and accelerate the rebalancing of the market,” an energy ministry spokesman said in the statement. Saudi Arabia’s overall global crude oil shipments will be kept at 6.9 million bpd in January, an industry source familiar with the Saudi plans told Reuters on Monday. For December, the Saudis had cut total crude oil exports by 120,000 bpd from just above […]

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