State-owned Saudi Arabian Oil Co., or Saudi Aramco, has told lifters in Europe that it will deliver the contracted volumes in November under its long-term contracts, trade sources said Monday.
State-owned Saudi Arabian Oil Co., or Saudi Aramco, has told lifters in
Europe
that
it will deliver the contracted volumes in November under its long-term
contracts, trade sources said Monday.
The world's largest oil exporter will deliver full, contracted volumes to at
least three refiners in
Europe
,
unchanged from October, people at the companies told Dow Jones Newswires.
The move comes as market participants closely watch the powerful OPEC member
for signs it is reducing its oil output as Libyan oil output gradually begins
to return.
In a controversial move, the kingdom unilaterally ramped up its oil production
over the summer to meet increased demand following the loss of 1.3 million
barrels of Libyan crude exports in February, but as this begins to return,
pressure is mounting on it to reduce this again.
Over the weekend Saudi oil minister Ali Naimi said the kingdom had reduced its
oil output in September to 9.4 million barrels a day from 9.8 million barrels a
day in August.
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