State oil company Saudi Aramco will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source familiar with the matter told Reuters on Tuesday.
The cuts in allocations are in line with Saudi Arabia’s commitments with the OPEC-led supply reduction pact, under which the top oil exporter is required to cut 486,000 bpd.
Saudi Arabia will cut supplies to most buyers in Asia by up to 10 percent in September, multiple sources with knowledge of the matter have said.
Source: cnbc china
Saudi Arabia will reportedly cut oil supplies to most buyers in Asia by up to 10% in September