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OIL: Saudi Crude Allocatons to China to Rise to 46mbbl in October After OSP Cut

OIL
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Saudi Aramco will supply about 46mbbl of crude oil to China in October, according to Reuters sources citing monthly allocations for term buyers.

  • Bloomberg is showing allocations up to 44mbbl up compared to exports of about 43mbbls in September.
  • China's Sinopec and PetroChina sought more crude for October loading while demand from private refiners Rongsheng Petrochemical and Hengli Petrochemical held steady, Reuters sources said.
  • The rise comes as the key oil exporter cut prices for Asia with Arab light crude the lowest in nearly three years, boosting demand.
  • Arab Light OSP to Asia was last week cut by $0.7/bbl in October to a premium of $1.3/bbbl to the Oman-Dubai benchmark compared to a Bloomberg survey expecting a cut of about $0.85/bbl.
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Saudi Aramco will supply about 46mbbl of crude oil to China in October, according to Reuters sources citing monthly allocations for term buyers.

  • Bloomberg is showing allocations up to 44mbbl up compared to exports of about 43mbbls in September.
  • China's Sinopec and PetroChina sought more crude for October loading while demand from private refiners Rongsheng Petrochemical and Hengli Petrochemical held steady, Reuters sources said.
  • The rise comes as the key oil exporter cut prices for Asia with Arab light crude the lowest in nearly three years, boosting demand.
  • Arab Light OSP to Asia was last week cut by $0.7/bbl in October to a premium of $1.3/bbbl to the Oman-Dubai benchmark compared to a Bloomberg survey expecting a cut of about $0.85/bbl.