RIYADH: Saudi Aramco will supply full contract volumes of crude oil to two Asian buyers in March, two industry sources with knowledge of the matter said on Wednesday. “We are unaffected” by the OPEC cut, one of the sources said.
Saudi Aramco could not be immediately reached for comment. The Organization of the Petroleum Exporting Countries (OPEC) agreed in November to reduce production for six months from January to cut oversupply and support prices. By keeping exports to most Asian buyers little changed, Saudi Arabia is protecting its market share in the region where demand for oil is growing fastest. “Overall, there is only a slight erosion as scheduled export levels do not appear to be falling more than the cuts in production made to date,” Harry Tchilinguirian, global head of commodity strategy at BNP Paribas, said about the impact of OPEC cuts on Saudi’s market share in Asia.
