Saudi Aramco Discusses Possible Oil Supply Cuts For February: Report
Singapore/New Delhi: State oil giant Saudi Aramco has started talks with customers globally to discuss possible supply cuts of up to 7 per cent for Saudi crude loadings in February, three sources with knowledge of the matter said on Thursday.
The potential supply cuts are aimed at meeting Saudi Arabia's commitment to cut production in a deal by the Organization of the Petroleum Exporting Countries to reduce global oversupply and prop up prices.
Saudi Aramco will be receiving nominations for crude supplies from its customers in February and is assessing which grades it could cut, one of the sources said.
Saudi oil buyers are expected to be notified by Jan. 10 of their respective crude allocations for February.
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