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Saudi to supply additional crude to some Asian refiners in Nov -sources

Saudi to supply additional crude to some Asian refiners in Nov -sources

FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

SINGAPORE/NEW DELHI :Saudi Aramco has agreed to supply additional crude to at least three Asian buyers in November, while meeting full contractual volumes for four others, sources with knowledge of the matter said on Monday.

Full supply volumes were expected for the month, one of the sources said.

The world's top oil exporter has been supplying full crude volumes to Asia despite limiting output to comply with a pact between the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.

Saudi Aramco also cut prices of crude it sells to Asia for a second month in November - slightly more than expected - a sign it's keen to stay competitive as Middle East producers increase output towards year-end.

Some buyers took on additional Saudi supplies as November prices were attractive, the sources said. One of them, an Indian buyer, increased Saudi oil liftings by 1 million barrels to top off cargoes, another of the sources said.

Saudi Aramco declined to comment.

Besides Saudi Arabia, Kuwait is also able to supply incremental light and heavy crude cargoes above contractual volumes in November, two other sources said.

Middle East crude benchmark prices rose above US$80 last week. [CRU/M]

(Reporting by Florence Tan in Singapore and Nidhi Verma in New Delhi; Editing by Kim Coghill and Tom Hogue)

Source: Reuters

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