Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photohas notified at least five north Asian buyers that it will supply full contractual volumes of crude oil in October, sources with knowledge of the matter said on Monday.
The full allocation comes as the Organization of the Petroleum Exporting Countries and their allies including Russia agreed to ease supply cuts by 400,000 barrels per day each month between August and December. "OPEC is still cutting by around 5 million bpd, but there seems to be plenty of oil from Saudi," one of the sources said.Saudi Aramco was not immediately available for comment.
With rising supplies in view, Saudi Aramco has also slashed prices of all crude grades it sells to Asia in October by at least $1 a barrel to attract buyers.Despite the deep price cuts, none of the five buyers had asked for additional supplies, the sources said. One source said spot crude prices remain attractive while another said they have purchased sufficient supplies from the spot market to meet their refining needs.More from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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