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CORRECTED-Saudi Aramco discuss possible oil supply cuts of up to 7 pct for Feb - sources
January 5, 2017 / 9:53 AM / 9 months ago

CORRECTED-Saudi Aramco discuss possible oil supply cuts of up to 7 pct for Feb - sources

SINGAPORE/NEW DELHI, Jan 5 (Reuters) - State oil giant Saudi Aramco has started talks with customers globally to discuss possible supply cuts of up to 7 percent for Saudi crude loadings in February, three sources with knowledge of the matter said on Thursday.

The potential supply cuts are aimed at meeting Saudi Arabia’s commitment to cut production in a deal by the Organization of the Petroleum Exporting Countries to reduce global oversupply and prop up prices.

Saudi Aramco will be receiving nominations for crude supplies from its customers in February and is assessing which grades it could cut, one of the sources said.

Saudi oil buyers are expected to be notified by Jan. 10 of their respective crude allocations for February.

Reporting by Florence Tan in SINGAPORE, Nidhi Verma in NEW DELHI and Rania El-Gamal in DUBAI; Editing by Christian Schmollinger

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