• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 9 mins Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 3 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 18 hours Indonesia Stands Up to China. Will Japan Help?
  • 8 hours US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 4 mins Beijing Must Face Reality That Taiwan is Independent
  • 19 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 23 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 10 hours Might be Time for NG Producers to Find New Career
  • 2 days Phase One trade deal, for China it is all about technology war
  • 6 hours Trump has changed into a World Leader
  • 1 day Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 2 days Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
Alt Text

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of…

Alt Text

Oil Glut Overshadows Geopolitical Risk In 2020

In its latest report, the…

Alt Text

The “Twin Threats” Facing Big Oil

According to a new report…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudis Set To Cut June Crude Oil Exports To Asian Markets

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:




Download The Free Oilprice App Today

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
Download on the App Store Get it on Google Play