Aramco to Reduce Heavy Oil Supply
03.12.2024 By Tank Terminals - NEWS

March 12, 2024 [The Standard]- Saudi Aramco plans to meet full contractual crude oil volumes to most Asian buyers in April, but will reduce supply of heavier oil to Chinese and Indian customers due to oilfield maintenance, sources said.

 

The reduction comes after the Organization of the Petroleum Exporting Countries and their allies, a group known as Opec+, decided early this month to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter.

Aramco, the world’s top crude exporter, has notified Asian customers of their April crude allocations, days after releasing the official selling prices for the same month.

Saudi crude allocation for China was estimated at 47.5 million barrels for April — or 1.58 million barrels per day — similar to the 47 million barrels allocated in March, sources said.

At least one Chinese buyer had requested to lift more Arab Medium and Arab Heavy crude but its request was not met, said sources.

Meanwhile, Sinopec Oilfield Service (1033) said the net profit grew 23.8 percent to 589 million yuan (HK$640 million) in 2023 from a year earlier, as demand for oilfield services recovered.

 

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

China's Natural Gas Production Surged in First Half of 2024
07.15.2024 - NEWS
July 15, 2024 [Oilprice]- China’s natural gas production increased by 6% in the first half of t... Read More
Fore Part of Hull Launches in China for ‘World’s Largest FPSO Unit’
07.15.2024 - NEWS
July 15, 2024 [Offshore Energy]- Chinese state-owned engineering company ZPMC has launched the fo... Read More
Stolthaven Terminals and GES to Operate Brazil’s First Green Ammonia Export Terminal
07.15.2024 - NEWS
July 15, 2024 [Storage Terminals Magazine]- Stolthaven Terminals, in collaboration with Global En... Read More
ADCC Pipeline Starts Delivering Gas to Cheniere’s Corpus Christi LNG Plant
07.15.2024 - NEWS
July 15, 2024 [LNG Prime]- The ADCC pipeline has started delivering natural gas to Cheniere’s C... Read More