https://arab.news/2wvr8
RIYADH: Saudi Arabia will provide some Chinese buyers with less crude than they asked for next month, despite a pledge by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to speed up production.
Saudi oil giant Aramco normally does not provide buyers a reason why volumes are cut, according to Bloomberg, which added that Aramco did not immediately reply to an email seeking comment on the matter.
While Chinese buyers are facing a shortfall, those in Japan, South Korea, Thailand and India will get the oil volumes they had sought, with some even getting extra supplies, Bloomberg reported, citing refinery officials who asked not to be identified for information privacy.
Looking for alternatives to Russian products, many Asian buyers asked Aramco for more oil this week, during the so-called nomination process.
Buyers are still finding Saudi cargoes more affordable than supplies from the North Sea and the US, despite a higher-than-expected increase in prices from the Kingdom.
China and India are big buyers of Russian crudes, even after Moscow’s invasion of Ukraine.