Saudi Arabia To Raise Output

Thursday, May 10, 2001
Saudi Arabia has informed most oil majors that it will increase their term crude supply volumes in June compared to May. They said most majors with worldwide systems were notified that they would receive 23 percent below full contractual volumes compared to 27 percent in May. "Last month we got 27 percent less than contractual volumes now we have been told we will get 23 percent less. We are expecting more oil," said a Saudi customer. But one major said it was notified of a deeper cut in June. A trader at the company said Saudi Arabia, the world's biggest oil exporter, might be boosting supplies to some regions and cutting to others. Another European customer said his company had been notified that it would receive 25 percent below full contractual volumes in June compared to 27 percent in May. Saudi Arabia has informed some Asian term buyers it would reduce June crude supply volumes by nine to 10 percent from contract volumes compared with cuts of about 13-13.5 percent in May. Some traders said the Saudis may have wanted to sell more crude to Asia because of higher premiums for June spot barrels. Saudi Arabia implemented cuts on term suppliers earlier this year in line with output curbs by the Organization of the Petroleum Exporting Countries. OPEC ministers will meet in Vienna in June to decide production policy. - (Reuters)

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Raytheon Anschütz Succeeds in SYNTACS SAT

Raytheon Anschütz, a leading integrator of naval integrated bridge systems, has successfully completed the Sea Acceptance Test (SAT) for the Synapsis Tactical Command

Wärtsilä's' Digital Services for Performance Enhancement

Wärtsilä, a global leader in complete lifecycle solutions for the marine and energy markets, launches a new service portfolio, Wärtsilä Genius services to help

Ship Conversion: Offshore Survey Vessel to Become a Flotel

Dutch shipowner C-Bed has contracted Wärtsilä Ship Design to supply the design for rebuilding its Seismic Survey Vessel, the Viking II, for use as a hotel vessel


ESL Shipping to Enter the Renewable Energy Market

ESL Shipping and AB Fortum Värme have signed an agreement for biofuel transport. The agreement provides ESL Shipping with access to the renewable fuels transport market.

Deltamarin to Designs First LNG Handysize Bulk Carriers

Deltamarin Ltd proudly announces that it has signed a contract to design the world’s first LNG handysize bulk carriers, which will point the way towards greener shipping of commodities.

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of

Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0786 sec (13 req/sec)