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OIL: Saudi Crude Allocations to China Fall m/m in November

OIL
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Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.

  • Exports are down from allocations for October which Reuters reported as 46mbbls and Bloomberg as 44mbbls.
  • Earlier this month, Saudi Arabia increased the crude premium to customers in Asia by more than expected for November but cut the OSP for cargoes to Europe and the US.
  • Arab Light to Asia was raised by $0.9/bbl to a $2.2/bbl premium above the Oman/Dubai average compared to a Bloomberg survey estimate for a $0.65/bbl increase.
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Saudi Aramco will supply 42-43mbbl of crude oil to China in November, according to Bloomberg sources.

  • Exports are down from allocations for October which Reuters reported as 46mbbls and Bloomberg as 44mbbls.
  • Earlier this month, Saudi Arabia increased the crude premium to customers in Asia by more than expected for November but cut the OSP for cargoes to Europe and the US.
  • Arab Light to Asia was raised by $0.9/bbl to a $2.2/bbl premium above the Oman/Dubai average compared to a Bloomberg survey estimate for a $0.65/bbl increase.