Saudi Aramco assures full volume of crude oil to Indian companies

Saudi Aramco has informed at least six refiners in Asia that it will supply full allocated volumes of crude oil in October following attacks on Saudi oil facilities on the weekend, although at least one has been told of a grade switch partially.

One other refiner has been told of delays to cargoes though volumes and grade will remain the same in October.

Saudi Arabia has said it would be able to meet oil customers’ demand from its ample storage. But this is the first indication that its supply to top consumers in Asia — who consume more than 70 per cent of total Saudi crude exports — will largely remain stable.

Three state-owned refineries in India — Indian Oil Corp, Bharat Petroleum Corp and Mangalore Refinery and Petrochemicals — will receive full allocated volumes of crude oil from Saudi in October, three industry sources told Reuters.