BUSINESS | Saudi Arabia Cuts March Crude Supply To Some Asian Buyers: Sources

MILAN | ITALY – – The world’s top oil exporter Saudi Arabia has reduced crude supplies to some Asian buyers in March after refines cut output following the coronavirus outbreak and for regular maintenance, four sources with knowledge of the matter said on Wednesday.

The drop in supplies comes after state oil giant Saudi Aramco cut March official selling Prices (OSPs) more than expected.

Buyers’ overall nomination for March-loading cargoes were lower, but so far the virus not had a big impact, a source familiar with Aramco oil exports said, adding that seasonal maintenance in Asia in the second quarter had made more difference.

Two of the sources declined to say how much lower the volumes were at their refineries, but said Saudi Aramco may have allowed some Chinese buyers to reduce their volumes by more than 10% as their situation was an exceptional case.

China’s refiners, including state-owned Sinopec Corp, PetroChina, China National Offshore Oil Company, and independent refiners such as Hengli Petrochemical and those in Shandong have cut their crude processing rate in February.

The spread of the coronavirus in China has killed more than 1,000 people and lowed the world’s second largest economy.

Saudi oil contracts allow the seller or the buyer to adjust loading volumes by plus or minus 10% of contracted volume, depending on demand and shipping logistics under a contractual clause known as operational tolerance.

CORONAVIRUS ALERT | Georgia Reports First Coronavirus Case In The Country

TIBILISI – Georgia on Wednesday reported the first case of coronavirus in the country. Health minister Ekaterine Tikaradze said an infected Georgian citizen, who was travelling from Iran, crossed the border from neighboring Azaerbaijan. ‘He was immediately taken to hospital from the border check-point’, she said. Tikaradze said the infected man, who traveled by mini-bus … Continue reading CORONAVIRUS ALERT | Georgia Reports First Coronavirus Case In The Country

SAUDI ARABIA | Saudi Crown Prince Meets With President Of Algeria

RIYADH | SAUDI ARABIA – –  Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister, Deputy Prime Minister and Minister of Defense, met in Ryiadh Wednesday with President Abdelmajid Tebboune of the People’s Democratic Republic of Alergia, currently on a state visit to the Kingdom, at his guest residence. During the … Continue reading SAUDI ARABIA | Saudi Crown Prince Meets With President Of Algeria

SAUDI ARABIA | Saudi Crown Prince Meets With Mauritanian President

RIYADH | SAUDI ARABIA – Prince Mohammed Bin Salman Bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, met in Riyadh today with President Mohamed Oul Ghazouani of the Islamic Republic of Mauritania, currently on a visit to the Kingdom, at his guest residence. During the meeting, they reviewed the aspects of Saudi-Mauritanian … Continue reading SAUDI ARABIA | Saudi Crown Prince Meets With Mauritanian President

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