• 15 mins Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 22 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 9 hours OP article : "Trump blasts Biden Fracking Plan . . . "
  • 6 hours Clean Energy Is Canceling Gas Plants
  • 7 hours Biden has Obama do a Philadelphia Rally for him. Less than 100 supporters turned out. Really.
  • 20 hours Vote Biden for Higher Oil Prices
  • 1 day America's Frontline Doctors - Safely Start Living Again!
  • 2 days France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 24 mins Biden denies fracking ban
  • 3 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 59 mins Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 2 days Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 2 days TX NATGAS flaring
  • 11 hours A sneak peak into the US election
  • 2 days GPOR - Gulfport Oil - Why?
  • 2 days covid. stop the carriers and thus stop the virus.
The Geopolitical Influence Of Natural Gas

The Geopolitical Influence Of Natural Gas

Natural gas is becoming increasingly…

Natural Gas Is Booming In Africa

Natural Gas Is Booming In Africa

As the world turns its…

Saudis Get ‘’Moderate’’ Requests To Replace Lost Iranian Oil Supply

Saudi Arabia has received several “moderate” requests to replace Iranian oil next month, Bloomberg reports, citing an anonymous source familiar with Riyadh’s oil plans.

The report comes on the heels of news that OPEC’s de facto leader and largest producer has raised export prices for Asian customers for June and July due to additional requests for exports.

According to a Reuters update, Saudi Arabia’s Arab Light for June delivery sells at a premium of US$2.10 per barrel to the Oman/Dubai average, up by US$0.70 per barrel from cargoes for May delivery. Riyadh also raised the price of this most popular among its grades for Europe, by US$0.80 a barrel from the price of shipments for May delivery. The price for oil exports to the United States, however, was reduced.

Interestingly enough, however, Saudi Arabia has no plans to start raising its oil production, the Bloomberg source noted. In March and April, the Kingdom pumped some 9.8 million bpd, below its quota of 10.311 million bpd assigned to it by the OPEC+ joint ministerial committee.

Related: Oil Production Booms… But Funding Is Drying Up

What’s more interesting, however, is that, according to the source, Saudi Arabia had no plans to increase its overall exports next month. This means it would have to cut shipments to some destinations to satisfy reported Asian demand. The total Saudi exports in June are seen at less than 7 million bpd, with more oil remaining at home to use for air conditioning, earlier media reports said.

Earlier this month, reports emerged, again quoting unnamed sources close to Riyadh, that Saudi Arabia could actually increase its oil production in June. However, those sources said, speaking to Reuters, that this did not mean the country would increase exports.

“The Saudis want oil prices to stay at current levels at least for a month or two. They don’t want to raise their production above the 10.3 million bpd, because they are part of the OPEC+ pact, but they are also being pressured by the U.S. to increase their output,” one of the sources said at the time.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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