FINANCIAL NEWS

Saudi Aramco to keep Asian oil exports unchanged

10 May 2010

(MENAFN) State oil firm Saudi Aramco said that it will maintain full oil exports to its main Asian customers next month, suggesting that the firm is satisfied with current oil prices, Reuters reported.

Industry sources reported that Saudi Aramco has informed at least four term buyers in Asia that it will supply full contracted volumes of crude oil in June, steady with May levels.

The oil giant also made no changes to the operational tolerance level in the supply allocations, indicating that buyers can still choose to ask for shipments to be loaded with up to 10 percent more or less crude than contracted volumes, sources said.

According to Reuters, supplies from Saudi Arabia, OPEC’s top producer, were estimated nearly 8.25 million bpd in April, up slightly from March amid increased crude oil use in domestic power plants, but only 200,000 bpd over its implied target.

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