SINGAPORE: Saudi Arabia’s state-owned oil company Saudi Aramco will reduce its August-loading shipments of medium and heavy crude grades to at least six Asian buyers, several sources familiar with the matter said on Monday.
Buyers in China, Japan, South Korea, Taiwan and India were notified by Aramco over the weekend about the supply cuts, the sources said. This is the fourth month in a row the company is cutting shipments for heavier grades.
Saudi Arabia, the largest producer and biggest exporter in the Organization of the Petroleum Exporting Countries (OPEC), has been cutting its production and exports to comply with an agreement between OPEC and allies, including Russia, to cut output by a record of 9.7 million barrels per day over May to July.
