Aramco to reduce oil exports

The Middle East Economic Survey (MEES) issued in Nicosia said that the Saudi Aramco intends to reduce its oil exports in October, but less than the reduction made in September.

MEES added that the reduction in oil exports by Aramco, the largest oil producer in the world, will range between 9 and 13% of the contracted upon amounts of oil for October. This reduction will be against 18 and 19% of quantities contracted upon for September.

MEES continued that Saudi officials attribute these reductions to their intention to correct production levels and meet their commitments of not producing more than 8,023 million barrels per day. These commitments were taken by the Saudis in June in the framework of a plan to improve oil prices.

MEES bulletin elaborated that production share allotted for local consumption in Saudi Arabia had increased due to the extraordinarily high temperatures this summer. The bulletin added that the reduction for September will cover Aramco's clients, excluding refineries in which the company takes part abroad, and in the US, the Philippines, Greece and Northern Korea.