State-owned Saudi Aramco will provide full term crude allocations to some Asian refiners in December. At least four Northeast Asian refiners confirmed that they would receive full contractual crude volumes from Aramco for December loading as they requested. Some market participants said Aramco December crude allocations to South Korea, but no South Korean sources confirmed it.
Aramco had supplied full contractual crude volumes to most Asia-Pacific refiners in the last few months after the state-owned oil giant adjusted its monthly crude formula prices aligned mainly with buyers’ expectations. Meanwhile, fellow Middle Eastern oil producer ADNOC cut its December-loading crude exports allocations for its term customers by around 20%. OPEC+ is still considering its future production policy, creating an uncertain supply outlook.
