Reuters reported today that Saudi Aramco has guaranteed the supply of full oil shipments for next May to at least four customers in Northeast Asia, despite the reduction in oil production within the framework of “OPEC +”.
The Abu Dhabi National Oil Company, the UAE’s ADNOC, has also told three buyers in Asia that it will fully meet delivery commitments for the month of June.
This coincides with the decline in demand for hydrocarbons in the Asian region next May due to the temporary closure of many refineries for maintenance.
A week ago, 7 countries in “OPEC +” announced simultaneously and unexpectedly an additional reduction in production, while Russia announced the extension of cuts that it had previously announced until the end of this year.
The total cuts for the eight countries amount to about 1.65 million barrels, and they will be applied starting next month to achieve stability in the global energy market.
The voluntary cuts will start next May 2023 and will continue until the end of the year 2023, and oil markets have witnessed an increase since last Monday in light of the aftermath of the decision.
This article was originally published by RT.
