• 1 min OPEC, Russia Said To Announce Oil Pact Extension On Nov 30
  • 3 hours Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 5 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 7 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 9 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 10 hours OPEC Set To Move Fast On Cut Extension Decision
  • 12 hours Nigeria Makes First Step Away From Oil
  • 1 day Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 1 day Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 1 day Oil Production Cuts Taking A Toll On Russia’s Economy
  • 1 day Aramco In Talks With Chinese Petrochemical Producers
  • 1 day Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 2 days Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 4 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 5 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
Alt Text

Chinese Crude Inventories Fall For First Time In 12 Months

Chinese crude oil inventories have…

Alt Text

OPEC Sees Oil Demand Soaring In 2018

OPEC's latest monthly oil report…

Alt Text

Oil Major: 70% Of Crude Can Be Left In The Ground

Oil major Statoil has surprised…

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

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


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