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 oil allocations for July

Natural Gas | Oil

US oil and gas production outlook for 2019: Permian, Bakken, Appalachia

Oil

Platts Rigs and Drilling Analytical Report (RADAR)

Oil | Crude Oil | Oil Risk | Petrochemicals | Aromatics | Olefins | Petrochemicals Risk | Polymers | Solvents & Intermediates

S&P Global Platts University London

Natural Gas

Greece, Cyprus, Israel reavow support for EastMed gas pipeline

Asian refiners receive full Saudi crude oil allocations for July

Singapore — Saudi Aramco's major buyers in Asia are receiving full allocations for Saudi crude oil loading in July, with some Japanese refiners even getting higher volumes, according to market sources.

Not registered?

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

Register Now

Traders at several key Asian end-users said their July nominations were met and they were not aware of cuts to any refiners in the region.

At least two traders with two Japanese refiners said they had received incremental volumes, with one even getting "slightly more Arab Extra Light."

A Singapore-based crude trader with a North Asian refiner said that there were some adjustments to the allocation but "overall, the volume was the same."



Earlier this month, Aramco raised the July official selling price of its Asian-bound crudes by 35-95 cents/b. The adjustments were higher than market expectations with some traders saying that the increases were too high.

The increases could indicate that Aramco was expecting strong summer seasonal demand from Asia, especially for the medium, heavy crudes, traders said.

July OSPs were high and this was probably why Saudi Aramco was ready to allocate Asian buyers their nominated volumes, an East Asian crude trader said.

The full allocations to Asia buyers comes despite OPEC and 10 non-OPEC producers extending oil production cuts by nine months, a move that would keep nearly 1.8 million b/d of crude oil off the market through March 2018.

The country was allocated a quota of 10.058 million b/d under the agreement and has consistently produced less than its quota for five months in a row, the only country to do so.

Saudi Arabia's crude oil production averaged 10.03 million b/d in May, up from 9.98 million b/d in April, according to EIA data released last week.

--Ada Taib, ada.taib@spglobal.com
--Edited by E Shailaja Nair, shailaja.nair@spglobal.com

Related podcast: OPEC's song and dance fails to score a hit with the oil market