Saudi Arabia to supply full July crude oil volumes to some Asian buyers
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.
The Arab Heavy supply cut, combined with a drop in Venezuelan crude exports and robust demand in Asia, pushed up medium and heavy sour crude prices in Asia last month although light grades were lower because of ample supplies.
more at source: https://www.nasdaq.com/article/saudi-arabia-to-supply-full-july-crude-oil-volumes-to-some-asian-buyers-20180612-00007