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TOKYO/LONDON, May 12: Saudi Arabia has informed global oil customers of a heavy cut in supplies for June, sticking to its part of Opec’s agreement last month to eliminate extra pre-war production.
Riyadh’s main US and European-based international oil major buyers, who have worldwide delivery options, were mostly handed down cuts ranging between 20 and 25 per cent, trading sources said. One reported a lesser cut of 14 per cent.
Dealers with an insight into worldwide Saudi export programmes said the cuts, combined with lower volumes for other European and Asian refiners would slice volumes by at least 725,000 bpd in June.—Reuters
