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OIL: China to Receive Lower Saudi Crude Volumes in July

OIL

Chinese refiners are set to receive lower volumes of Saudi crude in July compared to June, according to Bloomberg sources.

  • Seven customers in China will get about 36mbbls of contractual crude oil supply from Saudi Aramco in July compared with 40mbbls for June sales.
  • At least three Asian customers outside of China will receive all the requested volumes for July loading.
  • Saudi Aramco last week cut its OSP for Arab Light to Asia by $0.5/bbl to a $2.40/bbl premium over Oman/Dubai average, the first cut in five months.

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