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Saudi Arabia cuts supplies to oil majors
London, 14th August 2001

 Saudi Arabia has cut crude oil allocations to oil majors for September by 4-7 per cent from August, oil industry sources said yesterday.

Opec members, including Saudi but excluding Iraq which is not party to quota allocations due to its UN oil-for-food program, agreed to slice output by one million barrels per day or four per cent from September 1.

The sources said Saudi September allocations to some European oil majors with worldwide systems now stood some 28-37 per cent below their full contract volumes after a run of OPEC supply cuts this year.

One lifter said the latest cuts were deeper than his expectations for a five per cent reduction. Another said a four per cent drop in allocations versus August fell well within expectations.

Some non-major European customers had their allocations sliced by between 5-6 per cent compared with August. Saudi Arabia also deepened cuts to customers in Japan and South Korea, taking volumes to 16-17 per cent below standard contract volumes.

Source: Reuters, Gulf News©

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14 August 2001 06:24:49 PM

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