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Aramco to supply full oil volumes to 5 Asian refiners

Aramco Reuters/Ahmed Jadallah
Saudi Aramco is expected to cut the official selling price for Arab Light crude in August by about 50 cents a barrel from the prior month

Saudi Aramco has told at least five customers in north Asia they will receive full nominated volumes of crude oil in July, several sources with knowledge of the matter said on Monday, after it pledged to cut production next month.

Saudi Arabia, the world’s top oil exporter, vowed to reduce its production to nine million barrels per day (bpd) in July from around 10 million bpd currently.

Some Chinese state-owned refiners have requested lower supply in July, according to three trading sources, estimating the combined volume could be about 10 million barrels less than they took for June.

However, China’s total July intake of Saudi crude is likely to stay around the same level as June, as other Chinese refiners have asked for more supply for July from a low base in June.

Saudi Arabia raised the prices of its flagship crude Arab Light to Asian buyers in July to a six-month high.

The official selling price (OSP) for July-loading Arab Light to Asia was increased by 45 cents a barrel from June to $3 a barrel over Oman/Dubai quotes, according to a statement issued by Aramco.