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Saudi Arabia supplies some customers in Asia with full quantities of oil in July
Saudi Arabia has told five Asian refiners that it will supply the full contracted crude oil in July, five well-informed sources said on Tuesday.
The kingdom, the world's largest exporter of crude, has re-supplied the full amount of contracted heavy Arab crude to a buyer after a cut in supplies last month, one source said.
Three other refineries in Asia said they had yet to receive the July allocations. Saudi Aramco could not be reached for comment.
Last month, the state-owned giant oil company kept Asia supplying June with all its contracted volumes, using light Arab crude to replace the heavyweight. Heavy Arab crude was redirected to local power plants to meet the growing demand for electricity in the summer.
The decline in supplies of heavy Arab crude, along with a drop in Venezuelan crude exports and strong demand in Asia, led to a rise in the prices of medium and heavy-sulfur raw materials in Asia last month, but prices of light materials declined due to abundant supplies.
Saudi Aramco raised its official selling prices for all its raw materials to customers in Asia in July and Arab Light crude rose to its highest level in four years.
A source familiar with the matter said on Monday that Saudi Arabia had told OPEC it had raised its crude
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