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)

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