Saudi Arabia has informed five Asian refiners that it will supply full contractual volumes of crude oil in July, five sources with knowledge of the matter said on Tuesday. The world's top crude exporter has also reinstated contracted volumes of Arab Heavy crude to one buyer after cutting supplies in the previous month, one of the sources said. Last month, the state oil giant maintained full contractual supplies to Asia for June supplies by replacing Arab Heavy with Arab Light. The Arab Heavy was redirected to domestic power plants to meet the increased demand for electricity for summer cooling needs. Click Read More below for additional information.
By Christopher Johnson, LONDON, June 4 (Reuters)
U.S. crude production climbed in March to 10.47 million barrels per day (bpd), a monthly record, data from the Energy Information Administration showed last week.
U.S. drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, energy services company Baker Hughes said on Friday. That was the eighth time drillers have added rigs in the past nine weeks.
Arab oil ministers agreed over the weekend on the need for continued cooperation between members of the Organization of the Petroleum Exporting Countries (OPEC) and other big producers to balance global supply, Kuwait’s state news agency KUNA reported on Sunday.
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