• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 23 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 2 hours Saudi Arabia turns to solar
  • 14 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 8 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 4 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 8 hours Gazprom Exports to EU Hit Record
  • 4 hours U.S. Withdraws From U.N. Human Rights Council
  • 9 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 13 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 6 hours What If Canada Had Wind and Not Oilsands?
  • 7 hours "The Gasoline Car Is a Car With a Future"
  • 1 hour EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 19 hours EVs Could Help Coal Demand
  • 7 hours Sell out now or hold on?
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Saudis Set To Cut June Crude Oil Exports To Asian Markets

Petchem plant

Saudi Arabia will reduce its crude oil exports to the Asian market by around 7 million barrels in June, Reuters reported on Tuesday, citing a source with first-hand knowledge of the matter.

Saudi Aramco is set to cut its crude supplies to China, South Korea, and South East Asia by 1 million barrels each. In addition, Saudi exports to Indian buyers next month are set to decline by just over 3 million barrels, and supplies to Japan will drop by just below 1 million barrels, according to Reuters’ source.

Saudi Arabia has begun cutting oil exports in addition to cutting oil production, according to new April shipping figures released by ClipperData. The numbers show that the Saudis cut exports by 670,000 bpd in April, which represents the sharpest drop in 2017 and a U-turn in the Kingdom’s export trend so far.

Until last month, sources from Asian companies were mostly telling media that they would not see a change in their crude oil supplies from Saudi Arabia. Saudi Arabia was expected to export full volumes of crude oil to at least three Asian clients in May, in a move suggesting that the Kingdom is determined to maintain its market share on the prized Asian market.

In a bid to defend its Asian market share, earlier this month Saudi Arabia lowered yet again the official selling prices (OSPs) for the crude grades it sells to Asia in June, while pricing for all other regions was raised. Related: 5 Clean Energy Innovations That Could Transform Our World

With the reports of expected lowered supplies to Asia in June, and the data pointing to Saudi Arabia having cut April crude exports, the Kingdom may be showing fellow OPEC members and the rest of the oil-producing countries that it is trying to reduce the global oversupply, and enter the negotiations for the OPEC deal extension from a position of the member that has done the most in this agreement.

Just yesterday, the latest comment dropped by Saudi Arabia’s Oil Minister Khalid al-Falih pointed to OPEC possibly extending the cuts into 2018.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • rk on May 09 2017 said:
    It just may be that production from their oil fields is finally rolling over after producing for nearly 70 years. Data I have from the A.A.P.G. World Giant Oil and Gas Fields, indicates that the reserves left in their 58 producing oil and gas fields was 32.886 billion barrels as at the end of February - a far lower figure than they keep proclaiming.
  • Johnny on May 22 2017 said:
    Hmmm.Saudis first offered discount for Asia and now they said they will cut export to Asia.... Looks like they lost part of Asian market.That is closer to truth for me instead this statement they cut export.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News