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FinancialNews
13-07-17
Saudi to reduce August oil exports to lowest level this year
(MENAFN) Saudi Arabia will reduce oil shipments to its customers in August by more than 600.000 barrels per day in order to balance the increase in local consumption amid the summer.
Accordingly, there is strong demand for the kingdom's crude but it is sticking to its OPEC commitments, while it has made big cuts in allocations in order to meet its OPEC quota.
Furthermore, crude allocations to Asia for the cited month will be cut by almost 200.000 bpd to 3.5mn bpd, whereas allocations to Europe will be down by 70.000bpd at 520.000bpd.
The kingdom told the OPEC its oil production last month increased to 10.07mn bpd, above its OPEC aim, due to an increase in local crude burning for power amid summer.
MENAFN1307201700450000ID1095620078
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