Saudi Aramco is set to cut the supply of its heavier crude to Asia in April due to field maintenance.
Saudi oil giant Aramco is cutting supply of its heavier crudes to Asia in April, due to field maintenance, despite meeting full volume nominations for next month, multiple sources familiar with the plans told Reuters on Monday. Most buyers in China and India will receive the full contractual volumes they had asked for, although the supply slate of grades is being reshuffled to include fewer barrels of heavier crudes, according to the unnamed sources who have spoken to Reuters.
20 per barrel over the Oman/Dubai average, meaning April deliveries will cost $1.70 per barrel more than the Oman/Dubai average, up from $1.50 per barrel this month. At the same time, Saudi Aramco lowered its prices for European buyers, by between $0.60 and $0.70 per barrel. Prices for sales to the United States were virtually unchanged. The price hike to Asia came despite expectations by some in the oil industry that the Saudis would leave the April prices unchanged from March.
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