BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Asian refiners receive full Saudi crude allocations for May

Natural Gas | Oil

So what happened at MPGC 2019?

Natural Gas | Oil

Platts Scenario Planning Service

Natural Gas | Oil | Refined Products | Shipping | Marine Fuels | Tankers

Bunker and Residual Fuel Conference, 16th Annual

Oil | Crude Oil

Analysis: Asian crude buyers fear tighter supplies as Iran waivers vanish

Asian refiners receive full Saudi crude allocations for May

Singapore — Saudi Aramco's major crude oil buyers in Asia have received full term allocations for Saudi crude oil loading in May, even as Saudi Arabia continues to reduce production as part of the OPEC+ agreement.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

May allocations for key buyers in Asia were met and traders said they were not aware of any cuts.

"We are receiving full allocation [from Saudi Aramco]," said a trader with a North Asian refiner.

Some noted, however, that requests for incremental volumes were not met, similar to previous months.

This is the fourth consecutive month that Aramco has committed to fulfilling Asian term volumes while simultaneously cutting production as part of an OPEC-and-allies agreement.

Asian refiners form a major demand center for Saudi Arabia crude exports, with about 69% of its total exports in 2017 flowing to Asia, according to OPEC's Annual Statistical Bulletin.

Saudi Arabia, OPEC's largest producer by far, dropped its production by 280,000 b/d in March to 9.87 million b/d, according to a S&P Global Platts survey earlier this month.

That is the kingdom's lowest output since February 2017.

OPEC and 10 non-OPEC allies agreed in December to cut a collective 1.2 million b/d in supplies through June.

Saudi energy minister Khalid al-Falih has said he would like to see the deal extended when the coalition meets June 25-26 in Vienna to maintain bullish momentum in the market.

--Ada Taib, ada.taib@spglobal.com

--Edited by Wendy Wells, wendy.wells@spglobal.com