Saudi Arabian Oil Co. will maintain full contracted crude-oil volumes to Asian refiners in June, with some refiners continuing to get higher-than-contracted supplies of lighter grades offset by fewer heavy barrels, executives with the refiners said Monday.
Saudi Arabian Oil Co. will maintain full contracted crude-oil volumes to
Asian refiners in June, with some refiners continuing to get
higher-than-contracted supplies of lighter grades offset by fewer heavy
barrels, executives with the refiners said Monday.
Three refiners--in
Singapore
,
South
Korea
and
Taiwan
--said
they have received notification of full contracted volumes for June, in line
with their term contracts with Saudi Aramco for the month.
Saudi Aramco earlier this month raised official selling prices for nearly all
of its crude grades to
Asia
, as
anticipated, but the increase was higher than most refiners expected. Still,
the increase is unlikely to affect lifting of Saudi term volumes by refiners,
as the premium is only a small part of the cargo's value compared with the
crude's price and freight economics.
Saudi cut the OSP for only its heavy, sour Arab Heavy grade because of weak
fuel oil cracks, which have since rebounded sharply and are likely to lift
demand for these grades.
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