Saudi Arabia to supply steady oil volumes in Oct

STEADY SUPPLY: Earlier this week, trade sources said US refiners were expecting steady supplies. (Getty Images)

Saudi Arabia, the world's biggest oil exporter, plans to keep supplies steady in October to major firms with global refining systems, an industry source said on Friday. The steady allocations are a strong indication the Organization of the Petroleum Exporting Countries will not make any formal change to output ceilings when it meets on Sept. 9. "Yes," an industry source told Reuters when asked whether October oil supply from Saudi Arabia would be held steady for major oil companies.

Earlier this week, trade sources said U.S. refiners were expecting steady supplies. Some refiners said on Friday they had yet to receive their October allocations, although they expected them to be unchanged.

Saudi state oil firm Aramco also held supplies broadly steady for September and August loading. OPEC announced in December it was reducing output by 4.2 million barrels per day compared with production in September last year.

It has kept its official output targets steady all of this year, although compliance with them has dropped from a peak of around 80 percent in March and April to less than 70 percent. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM