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Commodities

Saudi Aramco's oil allocations to Asia down by about 2 million bpd in May: Saudi source

FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov

DUBAI (Reuters) - Saudi Aramco has allocated around 4 million barrels per day of crude oil to its Asian customers, which is lower than its full contractual volumes to Asia by about 2 million bpd, a Saudi oil source familiar with the company’s plans told Reuters on Friday.

The Saudi source was clarifying a Reuters report earlier on Friday, which cited four source saying Aramco has notified some refiners in Asia that it would supply full contractual volumes of crude in May.

“The full contractual volumes to Asia are about 6 million bpd. What Aramco has allocated is what was nominated, which is around 4 million bpd,” the Saudi source said on condition of anonymity.

Aramco said on Friday that it would supply its customers inside the kingdom and abroad with around 8.5 million bpd of crude, in line with a supply cut pact agreed by Organization of the Petroleum Exporting Countries and other leading oil producers.

Saudi Arabia’s oil output quota under the OPEC+ agreement, which was reached on Sunday, is 8.492 million bpd.

Reporting by Rania El Gamal; editing by Barbara Lewis

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