9/19, 12:44 PM (Source: TeleTrader)
more TeleTrader news

Report: Saudi seeks oil, fuel abroad to meet orders

Parallel to the struggle to bring back lost capacity online, Saudi Arabian Oil Co. has turned to Iraq with a request for 20 million barrels of crude, the Wall Street Journal reported on Thursday, quoting anonymous insiders. The monopoly run by the Sunni kingdom is apparently also looking for suppliers for at least 300,000 barrels of distillates per day, which it also normally exports, after the mysterious attack on its main facilities last week disrupted deliveries to overseas clients.

The company also known as Saudi Aramco, which is said to be planned for a stock market listing as early as this year, has also canceled another order scheduled to be picked up by a Norwegian tanker, the news organization learned from Kpler's analyst Samah Ahmed. She added the fossil fuel giant has loaded heavy crude for customers instead of Arab Light oil on five occasions. Meanwhile, according to unnamed market sources, the United Arab Emirates and Qatar are attempting to step in to cover the shortage in the segment.

Saudi Arabia's government vowed to return production by the end of the month to the previous level and make up for the losses in output through October.

Breaking the News / IT