Saudi Aramco cuts oil supply to Asia for second month in April, sources say
Sign up now: Get ST's newsletters delivered to your inbox
The producer is supplying only Arab Light crude exported from the Red Sea port of Yanbu to term customers in April.
PHOTO: REUTERS
Follow our live coverage here.
SINGAPORE – Saudi Aramco, the world’s top oil exporter, has cut crude supply to Asian buyers for a second month in April, two sources with knowledge of the matter said on March 23, after the US-Israeli war with Iran disrupted trade via the Strait of Hormuz.
The producer is supplying only Arab Light crude exported from the Red Sea port of Yanbu to term customers in April, the sources said, keeping supplies to Asian refineries tight and capping their refined products output.
The state oil giant said in a statement: “Saudi Aramco continues to ensure reliable energy supply by leveraging alternative export routes through Yanbu in response to evolving regional conditions.
“We remain committed to meeting our customers’ expectations, with loading schedules adjusted to reflect the new realities, and customers kept informed. Our priority is to maintain safe, reliable operations while supporting market stability during this period.”
Saudi Arabia has exported 4.355 million barrels per day (bpd) of crude so far in March, data from analytics firm Kpler showed, down from 7.108 million bpd in February.
The producer is trying to boost crude exports via Yanbu to offset the Strait of Hormuz disruption, with loadings seen rising to record volumes in March. China’s top refiner Sinopec is set to load about 24 million barrels of Saudi crude from Yanbu in March.
Oil loadings at the Yanbu port were briefly disrupted on March 19 after a drone crashed at Saudi Aramco’s SAMREF refinery. REUTERS
