The world’s top exporter has also kept November crude prices for Asia largely unchanged against expectations of higher prices
Saudi Arabian energy minister Abdulaziz bin Salman in Vienna, Austria, on October 5 2022. Picture: BLOOMBERG/AKOS STILLER.
Singapore — Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November, ahead of the peak winter season, several sources with knowledge of the matter said on Monday. The producer is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, the sources said.The full supply allocation comes despite a decision by oil cartel Opec+ to lower their output target by 2-million barrels per day .
Saudi energy minister Abdulaziz bin Salman had said the real supply cut would be about 1-million to 1.1-million bpd. Analysts expect Saudi Arabia, the United Arab Emirates and Kuwait to shoulder much of the production cuts because other Opec+ members are falling behind output targets. Consultancy FGE expects the Saudi oil production target to fall by about 550,000 bpd in November from October.
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