Even though the kingdom’s unilateral and voluntary output reduction has been extend, Saudi Aramco has informed clients in North Asia that they will receive the complete quantities of crude oil they have requested for September, as reported by multiple sources on Friday.
Aramco supply oil Asia in Sept: The world’s largest oil exporter revealed last week its intention to extend the 1 million barrels per day (bpd) production reduction for an additional month until September, and suggested the possibility of further intensification.
Amin Nasser, the CEO of Saudi Aramco, stated on Monday that the company’s deliveries to its clients are still sufficient.
Despite increased official selling prices (OSPs) imposed by Saudi Aramco, Chinese refiners did not request lower supply volumes for September-loading cargoes, according to three trading sources.
They predicted that Chinese consumers will purchase between 50 million and 52 million barrels of Saudi crude, a significant increase from the expected 38 million barrels in August.
Due to the high price of oil, certain Chinese refiners have requested less supply from Saudi Aramco during the past three months and have increased their purchases from the Americas and West Africa.