Singapore (Reuters) – Saudi Aramco (2222.SE) has notified at least two North Asian buyers that it will supply full contractual volumes of crude oil in January, two sources with knowledge of the matter said on Friday.
Most buyers were allocated full volumes, one of the sources said.
The allocations come after Saudi Arabia raised its official selling prices (OSPs) for all crude grades sold to key market Asia for a second straight month in January, tracking robust gains in Middle East spot market last month. read more
The price hikes, announced by the company earlier this month, were implemented despite a decision by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, to continue increasing supplies by 400,000 barrels per day in January.
January is the fourth consecutive month during which Saudi Aramco will give full allocations.
The producer maintained full term crude supplies in December.