Saudi Aramco cuts Feb crude supply due to field maintenance -sources
KHOBAR, Saudi Arabia/SINGAPORE
KHOBAR, Saudi Arabia/SINGAPORE Jan 20 (Reuters) - Saudi state oil company Saudi Aramco has informed at least two term buyers that it will supply less Arab Extra Light crude in February due to maintenance at one of its biggest oilfields, industry sources said on Monday.
The world's top oil exporting nation and OPEC producer will carry out maintenance at the Shaybah oilfield in February that could last up to two months, two sources with knowledge of the matter said.
A company spokesman said he could not immediately comment. Shaybah has a capacity of 750,000 barrels per day (bpd), expected to rise to 1 million bpd by end-2016 or early 2017.
The reduction in Arab Extra Light supply has helped bolster premiums for March-loading light grades from other Middle East producers and Russia.
The value of competing Murban crude from Abu Dhabi rose to a premium of more than 10 cents a barrel to its official selling price (OSP) late last week, up from earlier trades at about 5 cents, trade sources said.
The premium on Russian Sokol held firm at just above $9 a barrel to Dubai quotes, while the premium for Russian Vityaz was up nearly $1 for cargoes loading in March and April from February.
(Reporting by Florence Tan and Reem Shamseddine; Additional reporting by Jane Chung in Seoul and Osamu Tsukimori in Tokyo; Editing by Joseph Radford)
- Tweet this
- Share this
- Digg this
Trending On Reuters
Investors in India's markets are betting that Finance Minister Arun Jaitley will persuade a more hawkish central bank to reduce benchmark interest rates as early as next week. Full Article