SINGAPORE: Saudi Aramco has informed customers in North Asia that they will receive the full volumes of crude oil they requested for September, multiple sources said on Friday, even as the unilateral voluntary output cut by the kingdom has been extended.
The world’s top oil exporter announced last week that it would prolong the 1 million barrels-per-day (bpd) production reduction by another month to September, and said the cut could be extended beyond that or even deepened.
Saudi Aramco CEO Amin Nasser on Monday said that the company’s supplies to customers remain adequate.
Chinese refiners did not request lower supply volumes for September-loading cargoes despite higher official selling prices (OSPs) set by Saudi Aramco, according to three trading sources.
They estimated some 50 million to 52 million barrels of Saudi crude to be taken by Chinese buyers, much higher than about 38 million barrels in August.
Some Chinese refiners have asked for less supply from Saudi Aramco over the past three months due to high oil prices, and have increased procurement from the Americas and West Africa.