Saudi Arabia will maintain oil deliveries to Asia despite OPEC+ cuts
The full concession of oil supply comes despite the decision by the Organisation of the Petroleum Exporting Countries
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The full concession of oil supply comes despite the decision by the Organisation of the Petroleum Exporting Countries
Saudi Aramco will not cut the oil volumes it exports to clients in North Asia when it cuts production in November
Just a day after OPEC+ roiled the White House with its decision to slash oil production by 2 million barrels per day, the cartel's key decision-maker Saudi Arabia decided to hold crude prices steady for Asian markets and lower those for Europe, defying market expectations for increases.
Top oil exporter Saudi Arabia may raise prices for most crude grades it sells to Asia in November on expectations for demand recovery and Chinese refineries to increase output following the issuance of new product export quotas. The November official selling prices (OSP) for flagship Arab Light crude may rise by 25 cents a barrel,
Middle East oil exporters have made only slight upward adjustments to their OSPs in August as they adjust to demand destruction fears