ChristineMarie
November 12th, 2007, 08:06 AM
Saudi Arabia, the world's top oil exporter, will keep supplies of term crude to Asian and European refiners for December steady at November levels in an expected move as prices hover near $100 a barrel.
Traders are now watching if the oil kingdom would offer more crude from January after Saudi oil minister al-Naimi said on Sunday that OPEC would discuss an increase in output at an upcoming meeting.
He did not make clear whether he was referring to the OPEC heads of state meeting in Riyadh later this week or its next policy meeting on Dec. 5 in Abu Dhabi. But a number of OPEC members said the idea of an output increase would only be raised at the December meeting.
Saudi Arabia will supply full term volumes to Asia for the second month in a row.
"December is similar to November," a source close to the discussions said.
The allocations for November were the first time in a year that Saudi Aramco supplied full volumes to its lifters and were up a tenth from October, after OPEC agreed to raise daily output by half a million barrels from Nov. 1.
http://www.guardian.co.uk/feedarticle?id=7070207
Traders are now watching if the oil kingdom would offer more crude from January after Saudi oil minister al-Naimi said on Sunday that OPEC would discuss an increase in output at an upcoming meeting.
He did not make clear whether he was referring to the OPEC heads of state meeting in Riyadh later this week or its next policy meeting on Dec. 5 in Abu Dhabi. But a number of OPEC members said the idea of an output increase would only be raised at the December meeting.
Saudi Arabia will supply full term volumes to Asia for the second month in a row.
"December is similar to November," a source close to the discussions said.
The allocations for November were the first time in a year that Saudi Aramco supplied full volumes to its lifters and were up a tenth from October, after OPEC agreed to raise daily output by half a million barrels from Nov. 1.
http://www.guardian.co.uk/feedarticle?id=7070207