Saudi Arabia to Reduce Oil Volumes to Asia in July

Saudi Arabia to Reduce Oil Volumes to Asia in July

Saudi Arabia, the world’s top oil exporter, will limit volumes of crude oil to some Asian buyers in July and deepen cuts in allocations to the US, industry. Cuts in crude oil allocations to Asia in July would total about 300,000b/d, deeper than in June, according to Reuters.

Hence, State-run oil firm Saudi Aramco would supply full contracted crude volumes to at least five Asian buyers mainly in North Asia and lower volumes for some customers in India, China and South Korea.

The normalization of Saudi oil supplies to Asia comes as the OPEC kingpin seeks to protect its market share, even as OPEC and some non-OPEC producers agreed to extend supply cuts until March next year, Zawya informed.

Elsewhere, crude allocations to the US have been lowered significantly and Aramco continued to curtail supply to Europe. Volumes to the United States would be cut by about 35% in July, while Europe supplies will be reduced by about 11% compared to June.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.


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