Saudi Arabian Oil Co., or Saudi Aramco, told its crude oil buyers in Japan and South Korea that it will keep January crude shipments steady at full contractual volumes, officials at the Northeast Asian refiners said Tuesday.
This had been widely expected, as Saudi Aramco had been maintaining full supplies for Asia for the previous two months, in line with the Organization of Petroleum Exporting Countries' decision in October to hike output by 500,000 barrels a day from Nov. 1.
The kingdom may have been able to supply additional volumes, but none of the refiners requested extra supplies, the officials said.
Saudi Aramco, however, told one of the refiners that it will supply more Arabian Light crude and less Arabian Extra Light.