Top oil exporter Saudi Arabia will supply full contracted volumes of crude oil in October to at least three major Asian term buyers, steady from September, industry sources said.
Demand for Middle East crude from buyers in northeast Asia has been robust over the past month as refiners stock up ahead of the northern hemisphere winter, keeping margins at profitable levels.
Asian refiners were not put off by a larger-than-expected increase in the official selling price (OSP) of Saudi Arab Light last week, which reflected higher spot prices for October-loading cargoes for most Middle East grades, traders said.
The Saudis over the summer increased production towards 10 million barrels per day (bpd) and offered additional supplies to Asian refiners, aiming to cool down oil prices. Refiners took full nominated volumes but most refrained from asking for extra supplies.-Reuters
