According to numerous people familiar with the situation, Saudi Aramco has informed at least seven Asian clients that they will receive full contract volumes of crude oil in November, ahead of the high winter season.
According to the sources, the company is keeping supplies to Asia stable despite probable output cuts by drawing on stocks.
The full allocation comes despite the Organization of the Petroleum Exporting Countries and its partners, including Russia, deciding to reduce their output target by 2 million barrels per day.
Saudi Energy Minister Abdulaziz bin Salman previously stated that the actual supply drop would be between 1 million and 1.1 million bpd. Analysts anticipate that Saudi Arabia, the United Arab Emirates, and Kuwait would bear the brunt of the production reduction because other OPEC+ members are falling short of output targets.
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