Saudi Arabia, the world's largest oil exporter, has notified some refiners in Asia that it will supply full contractual volumes of crude in May, three sources with direct knowledge of the matter said on Friday.
FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo
SINGAPORE - Saudi Arabia, the world’s largest oil exporter, has notified some refiners in Asia that it will supply full contractual volumes of crude in May, three sources with direct knowledge of the matter said on Friday. This comes after the Organization of the Petroleum Exporting Countries and allies including Russia agreed to reduce production and ease a supply glut exacerbated by a collapse in global oil demand following the coronavirus outbreak.
Although there is no change in the volume of oil supplied, state oil giant Saudi Aramco has altered the ratio among crude grades by increasing Arab Light crude and reducing Arab Heavy crude, the sources said.
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