BUSINESS | Saudi Aramco Cuts July Crude Supplies To At Least Five Buyers In Asia: Sources

RIYADH | SAUDI ARABIA – World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.

The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter said.

Four of the refiners saw smaller July cuts than what they had received in June. The sources declined to be named due to sensitivity of the matter.

The move followed a deal struck by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July.

Saudi Arabia said it will end its deeper, voluntary cuts amid signs of global demand recovering.

Tighter Middle East supplies and improving refinery appetite for crude have prompted Saudi Aramco to hike July official selling prices (OSPs) to Asia more than expected even though refining margins and oil demand have though refining margins and oil demand have yet to catch up with the rising crude valuation, the sources said.

‘Increased OSPs have caught us by surprising and these are not attractive to refiners especially  in a market where refining margins are weak’, said BPCL’s head of refineries R Ramachandran.

The has led one major Asian buyer to request for almost a third less of its contract volume for July, one of the sources with direct knowledge of the matter said.

Two other sources said they will increase the purchase of cross-region arbitrage cargoes this month, such as West African crude and U.S. crude, that are priced more competitively and reduce the purchase of expensive Middle Eastern oil.

Saudi Aramco did not immediately respond to a request seeking comment outside of business hours.


BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

RIYADH | SAUDI ARABIA – Saudi Arabia’s non – oil private sector shrank for the fourth straight month in June as measures to contain the spread of the new coronavirus continued to hit consumer demand, a survey on Sunday. The seasonally adjusted HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) fell to 47.7 in June … Continue reading BUSINESS NEWS | Saudi Non – Oil Private Sector Shrinks Again In June – PMI

CORONAVIRUS PANDEMIC | Global Coronavirus Cases Exceed 11 Million

WASHINGTON – Global coronavirus cases exceeded 11 million on Friday, according to a Reuters tally, marking another milestone in the spread of the disease that has killed more than half a million people in seven months. The number of cases is more than double the figure for severe influenza illnesses recorded annually, according to the … Continue reading CORONAVIRUS PANDEMIC | Global Coronavirus Cases Exceed 11 Million

SUPERCARS | Lamborghini SCV12 Track – Only Hypercar Has Most Powerful V12 Engine Yet

Lamborghini’s new limited-edition SCV12 hypercar boasts most powerful V12 engine in a Lamborghini and is made only for the track. Earlier this year Lamborghini teased with an upcoming project that gave hints of a racing circuit but didn’t go so far to share the entire of the details – now we know why. Announced as … Continue reading SUPERCARS | Lamborghini SCV12 Track – Only Hypercar Has Most Powerful V12 Engine Yet

TRAVEL | UAE Allows Citizens And Residents To Travel Abroad

DUBAI – The United Arab Emirates will allow both citizens and residents to travel abroad, the state news agency reported on Friday. In March, the UAE suspended all inbound and outbound passenger flights and the transit of airline passengers in the UAE, allowing only cargo and emergency evacuation flights.

NEWS | UNESCO Says Logo Being Used Illegally For Arts Trafficking

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SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland.

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NEWS ALERT | Saudi – Led Coalition Destroyed Four Houthi Drones Over Yemen – Saudi Press Agency

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NEWS ALERT | Yemen’s Houthis Say Targeted Saudi Airport, Air Base With Drones

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SOCIAL MEDIA | Canada’s Biggest Banks Join Boycott Of Facebook Platforms

TORONTO – Canada’s biggest lenders confirmed on Friday they had joined a widespread boycott of Facebook Inc. begun by U.S. civil rights groups seeking to pressure the world’s largest social media platform to take concrete steps to block hate speech. More than 400 brands have pulled advertising on Facebook in response to the ‘Stop Hate … Continue reading SOCIAL MEDIA | Canada’s Biggest Banks Join Boycott Of Facebook Platforms

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