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Thu 9 Sep 2010 09:59 AM

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Saudi to supply full Oct trade volumes to 2 Asian buyers

Kingdom restored full contracted volumes to most Asian buyers after 2009 curbs.

Saudi to supply full Oct trade volumes to 2 Asian buyers
FULL VOLUMES: Saudi Arabia will supply full contracted volumes of crude oil in October to at least two Asian term buyers. (Getty Images)

Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in October to at least two Asian term buyers, steady with September levels, industry sources said on Thursday.

One source said: "That's the same as what people here expected."

Saudi Arabia is the most influential member of the Organization of Petroleum Exporting Countries (OPEC), bound by the group's output quota.

It has restored full contracted volumes to most Asian buyers since January after curbs for most of 2009 that were applied in line with OPEC's record output cuts.

OPEC, the source of more than a third of the world's oil, cut its agreed output by 4.2 million barrels per day and has kept that reduced level since December 2008 to combat low demand.

The group next meets in October to review output policy.

Ahead of the meeting, Iraq said on Tuesday there was no reason for OPEC to reconsider production levels.

A Reuters survey released last week showed OPEC crude oil supply fell in August to the lowest since November 2009 as reduced supplies from Nigeria, the UAE and Iraq offset increased output in Angola. (Reuters)

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