Asia-Pacific crude came under pressure on Monday from news that Pertamina almost halved the term sweet crude it bought for the coming quarter, indicating lower overall Indonesian demand. Pertamina will buy a total of 2.75 million barrels a month between January and March, down from 5.0 million barrels of sweet crude in the fourth quarter of this year.
It will buy 950,000 barrels a month of Azeri Light crude and 600,000 barrels each of Brunei's Champion and Seria Light grades as well as Sudan's Nile Blend, a company source said. Pertamina cut its purchases as it had enough crude stocks, the source added.
The lower term volumes came after Pertamina already cut the number of barrels it will buy for January arrival via a spot tender. It will buy only 1.2 million barrels, down from 1.8 million barrels for December-arrival and the lowest since it bought only 600,000 barrels for October arrival.
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