Saudi Arabian Oil Co., or Saudi Aramco, has left its June term crude oil allocations unchanged for several European buyers, according to crude traders Monday.
Three European lifters contacted by Dow Jones Newswires said state-owned Aramco had kept allocations, mainly of light crude, at full volume in June, steady from May.
Saudi Arabian Oil Co., or Saudi Aramco, has left its June term crude oil
allocations unchanged for several European buyers, according to crude traders
Monday.
Three European lifters contacted by Dow Jones Newswires said state-owned Aramco
had kept allocations, mainly of light crude, at full volume in June, steady
from May.
Market participants have said in recent months Saudi Aramco is withholding
medium and heavy crude grades from
Northwest Europe
and
the Mediterranean oil markets, a decision taken at the start of 2010 and
thought to be due to lower production of those grades and strong demand from
Saudi domestic refineries.
Better values for barrels of medium and heavy crudes in
Asia
as
well as higher operating costs for transporting oil through the
Suez-Mediterranean Sumed pipeline to the Sidi Kerir oil terminal, northern
Egypt
, have
also shaped Aramco's decision to halt shipments of heavier crude to
Europe
.
Although price details for these term deals aren't known, the
Mediterranean
has
been awash with both sour and sweet barrels in the last couple of weeks, with
ample availability of Russian Urals crude due to a larger-than-expected export
program from
Russia
, plus
more Iraqi and Azeri crude on offer, traders said.
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