Saudi Arabian Oil Co, the world’s largest state-owned oil company, will supply full contractual volumes of crude to at least two Japanese refiners in April, according to officials from fuel producers in the Asian country.
Saudi Aramco, as the company is known, will provide 100 percent of cargoes sold under long-term contracts for a 17th month, according to two customers who requested anonymity, citing confidentiality agreements with the Middle East producer.
Saudi Aramco’s full export allocation follows a December 11 decision by the Organisation of Petroleum Exporting Countries to leave output quotas unchanged for the seventh time since 2008. OPEC exceeded its targets by 1.67 million barrels a day in February, according to a Bloomberg survey of producers, analysts and oil companies who follow the group’s output. OPEC supplies have declined as escalating violence in Libya shut as much as two-thirds of the country’s production.
Saudi Arabia raised its output last month by 25,000 barrels a day to 8.425 million, the survey showed. That was about 374,000 barrels more than its target of 8.051 million.
