Saudi Arabia’s state-owned Aramco won’t cut exports in March to Europe, Bloomberg reported Monday.
Aramco, the world’s largest crude exporter, “will provide 100 percent of crude cargoes sold under long-term contracts, according to the people, who asked not to be identified because the agreements are confidential,” the report said.
Aramco has the option to reduce monthly sales volumes to term buyers but won’t do so next month.
On February 5, Aramco raised its official selling price for all grades to Northwest Europe, and all blends except Extra Light to Mediterranean destinations.
Aramco exports about 800,000 barrels a day of Arab Light and Extra Light blends and 30,000 a day of Arab Medium to European members of the Organization for Economic Cooperation and Development excluding Estonia, Hungary and Slovenia, the International Energy Agency said in January.
“Saudi Arabia increased shipments to the market in January to 9.916 million barrels a day of crude, compared with 9.897 million in December and 9.448 million in November,” Bloomberg said.