SINGAPORE - Saudi Arabia might have just signed off on one of the most notable oil output deals in history, but challenges lie ahead as the kingdom faces keen competition from rival suppliers to the prized Asian market.
State-owned oil company Saudi Aramco has pledged to boost output to 12.3 million barrels a day in April as it cut the May official selling price of its flagship Arab Light crude to Asian customers by US$4.20 a barrel from the previous month, exceeding estimates for a reduction of US$3.63. That was even after it signed a deal with other producers to cut global output by around 10 per cent to try and support prices.
Refiners in Asia had until Tuesday to decide on the amount of oil they wanted to buy from Aramco. At least two of the processors said they would be asking for normal volumes for May. Other producers such as Kuwait, Iraq and Abu Dhabi are set to issue their official prices shortly.
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