Saudi Arabia said to cut January oil exports to Asia

Saudi Aramco plans to reduce shipments of crude oil to Asia by more than 100,000 barrels per day (bpd) starting December, while maintaining the level of exports to the US and Europe, Reuters reported, citing the Kingdom’s energy ministry.

“For January 2018, Saudi Aramco is keeping supply steady to all regions at 2017 lows,” the ministry said.

“Aramco will maintain its overall supply levels next month at their recent low levels.”

Saudi Arabia, the world’s top oil exporter, plans to keep crude shipments in January at 6.9 million bpd, a source told Reuters on Monday.

The Kingdom recently agreed with fellow OPEC and other oil producers to extend their supply cut – which sees the group reduce crude production by a combined 1.8 million bpd – until the end of 2018.