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Saudi Aramco to supply full crude contract volumes to Asia
April 12, 2017 / 1:03 AM / in 8 months

Saudi Aramco to supply full crude contract volumes to Asia

TOKYO (Reuters) - Saudi Aramco will supply full contract volumes of crude oil to at least three Asian buyers in May, steady compared to April, industry sources with knowledge of the matter said.

Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed

Despite commitments to cut production in an OPEC deal, Saudi Aramco has kept its supplies to the majority of Asian buyers at contracted volumes, reflecting its strategy of maintaining market share in the fastest-growing market, said the sources, who declined to be identified due to a sensitivity of the matter.

However, the oil kingpin has requested that buyers refrain from using the so-called plus tolerance to buy additional volumes on top of contracted volumes, they said.

Reporting by Osamu Tsukimori; Editing by Paul Tait

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