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Aramco Tell Asian Buyers they will still Get Contracted Oil Supply - Report

Gasoil News - Published on Tue, 17 Sep 2019

Image Source: bloomberg.com
Bloomberg News reported that Saudi Aramco has told several major Asian buyers that it will supply customers with all contracted oil volumes in spite of the production cuts over the weekend, according to people with knowledge of the matter. The attack on the kingdom’s most important oil production facility halved Saudi output and is crimping the availability of lighter grades such as Arab Extra Light and Arab Light. Those less-sulfurous grades are already in high demand due to new rules mandating a switch to cleaner shipping fuel.

Aramco has told customers it’s likely to replace the lighter grades with heavier oil, said the people, who asked not to be identified as the information is private. A North Asian refiner was notified it may get Arab Medium or Arab Heavy crude cargoes instead of the lighter varieties. Aramco also told some Chinese buyers that volumes won’t be affected but grades may differ.

Refineries Director Mr R Ramachandran said in a phone interview, Bharat Petroleum Corp, India’s second-biggest state-run processor, has been informed by Saudi Arabian Oil Co that it doesn’t foresee supply disruptions. However, the Saudi company has asked for flexibility in terms of switching to different grades.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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