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Saudi Aramco To Supply Most Contractual Volumes in April

OIL

Saudi Aramco is planning to supply full contractual crude oil volumes to most Asian buyers in April but the producer will reduce supply of heavier grades to Asian customers due to oilfield maintenance, sources told Reuters.

  • Saudi Aramco’s crude allocations for China were estimated at 47.5mn barrels, or 1.58mbpd, for April, similar to 47mn barrels in March, two sources said.
  • At least one Chinese buyer had requested to lift more Arab Medium and Arab Heavy crude but the request has not been met, a source said.
  • At least one Indian buyer will receive full April volumes, but there was a reshuffling in grades because of a reduction in supply of heaver grades, a source said.
  • Saudi Arabia raised the official selling price for Arab Light crude for Asia in April to $1.70/bbl above the Oman/Dubai average, up by 20ct/bbl from last month, slightly above market expectations.
  • Saudi Aramco left the OSP to Asia for Arab Super Light crude unchanged at $2.95/bbl. The OSP for Extra Light Crude was raised by 20ct/bbl to $1.70/bbl, for Medium crude was increased by 30ct/bbl to $0.85/bbl and for Heavy crude was lowered by 30ct/bbl to parity.

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