Tawasul
Mubasher TV
Contact Us Advertising   العربية

Saudi Aramco slashes February oil supplies to some refiners in Asia

Saudi Aramco slashes February oil supplies to some refiners in Asia
Allocations for three Indian refiners have been reduced between 15% and 26%
SAUDI ARAMCO
2222
-0.57% 34.75 -0.20

Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) has slashed crude oil supplies for February to some Asian refiners by up to a quarter, informed sources told Reuters on Wednesday.

This move comes after the kingdom committed to cutting its oil production by 1 million barrels per day (bpd) in February and March under a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+.

Most OPEC+ producers pledged to hold production steady in the face of pandemic.

Allocations for three Indian refiners have been reduced between 15% and 26% for February, while two North Asian refiners have obtained a 10% supply reduction from the oil giant, the sources added.

Aramco recently raised its February official selling price (OSP) for its Arab Light crude to Asia by $0.70 per barrel, setting it at plus $1 per barrel versus the Oman/Dubai average.