Saudi Arabia is set to deliver its full contractual volumes to North Asia in November.
Saudi Aramco, the world’s largest crude oil exporter, has told at least four refiners in North Asia that it would supply them with the full contractual volumes they have nominated for November, Reuters reported on Tuesday, citing sources familiar with the plans. “The supply and demand for Saudi oil seem stable at this moment, despite the high prices,” one of the sources told Reuters.
Last Wednesday, Saudi Arabia said it would continue cutting an extra 1 million bpd from its crude oil production in November and December and would continue to pump around 9 million bpd. The Saudis said that “This voluntary cut decision will be reviewed next month to consider deepening the cut or increasing production.” A day after Saudi Arabia and Russia affirmed their ongoing oil supply cuts, Saudi Aramco raised the price of Arab Light, its flagship crude grade, for Asia for November loading.
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