Tokyo — Saudi Aramco will provide full-term crude contractual volumes to customers in Japan for barrels across available grades loading in August, sources with direct knowledge of the matter said Monday.
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However, it was not immediately clear whether the state-owned oil giant will also restore normal operational tolerance to its customers in Japan from August, following the recent OPEC/non-OPEC agreement, industry sources said.
S&P Global Platts reported on July 5 that state-owned Abu Dhabi National Oil Co. was set to provide full-term crude contractual volumes and restore normal operational tolerance to customers in Asia next month, marking a clear shift after more than a year of supply cuts.
ADNOC has told its various Asian customers it will not cut its term crude contractual volumes and, in fact, allow up to an additional 5% above its term volumes, for cargoes loading in August, sources with direct knowledge of the matter said. -- Takeo Kumagai, email@example.com
-- Edited by Norazlina Jumaat, firstname.lastname@example.org