Saudi Arabia’s state oil company told at least two term buyers that supplies of Arab Extra Light crude will fall in February “due to maintenance at one of its biggest oilfields,” reports said Monday.
The top OPEC producer is cutting output during maintenance at the Shaybah oilfield that could last up to two months, sources said.
Aramco hasn’t commented on the story.
Shaybah has a capacity of 750,000 barrels per day (bpd), expected to rise to 1 million bpd by end-2016 or early 2017.
Murban crude from Abu Dhabi attracted a premium of 10 cents a barrel above its official selling price late last week on rumors of the Saudi cuts.