• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 1 hour Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 6 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 23 mins Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 4 hours Did China cherry-pick the factors that affected the economic slow-down?
  • 5 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 3 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 3 days Nord Stream - US/German consultations
  • 5 days An Indian Opinion on What is Going on in China
  • 409 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Australia sues Neoen for lack of power from its Tesla battery
  • 2 days Forecasts for Natural Gas
  • 5 days Storage of gas cylinders
Peak Meat, EVs, and Solar: The World in 2030

Peak Meat, EVs, and Solar: The World in 2030

According to Principles for Responsible…

5 Energy Stocks To Watch As Earnings Season Comes Up

5 Energy Stocks To Watch As Earnings Season Comes Up

As earnings season comes back…

Saudi Arabia To Ship Extra Crude Oil To Asia In November

The world’s largest oil exporter, Saudi Arabia, will ship additional volumes of crude to at least three refiners in Asia in November, sources familiar with the matter told Reuters on Monday.

Saudi Arabia’s state oil giant Aramco will also deliver the full volumes under the contracts to four other Asian refiners, Reuters’ sources say.

Some of the Asian buyers asked for full or incremental supply on top of the contractual volumes because of attractive prices for November, the sources added.  

Earlier this month, Saudi Arabia cut its official selling prices (OSPs) for its key Asian market for November. This was a second cut for Saudi prices in two consecutive months, after the price rise spurred by the OPEC+ decision to stick to monthly additions of 400,000 bpd in total rather than boosting output more to cap international prices.

The Saudi cut amid tight OPEC+ supply signaled that the world’s top oil exporter was keen to keep its prices on the Asian market competitive. In the summer, when Saudi Aramco was raising the price of its crude to its most important market, Asian refiners started turning to cheaper spot supply of cargoes from the Americas.

Another Middle Eastern oil exporter and an OPEC member, Kuwait, is also set to ship additional volumes on top of the contractual supply, sources told Reuters.

Last week, Saudi Aramco’s chief executive Amin Nasser said at the Energy Intelligence Forum that the natural gas crunch had increased global oil demand by 500,000 bpd.

Some utilities in Asia are switching from gas to oil, as Asia has more flexibility in burning oil at power plants than Europe, where steep carbon regulations limit European utilities from burning oil, Rystad Energy at the end of September.

“If the gap between LNG and oil prices remains wide, Asia is set to boost oil demand by 400,000 barrels per day on average over the next two quarters,” Rystad Energy said in a report.

By Tsvetana Paraskova for Oilprice.com

More Top Reads from Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News