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Saudi Arabia has slashed its oil price for all crude

State oil giant Saudi Aramco statement on Saturday – cuts its official selling price for April for all its crude grades to all destinations

UPDATE – news about also Saudi plans to ramp up output, to well in excess of 10m bpd – I’ll post more on this separately
  • its Arab light crude oil to the United States cut to a discount of $3.75 per barrel, down $7 a barrel from March
  • to Northwestern Europe to a discount of $10.25 per barrel to Ice Brent, down $8 a barrel
Comes in the wake of the crumbling of OPEC+ plans late in the week, the OPEC/Russia pact expired without further agreement after 3 years in place.
State oil giant Saudi Aramco statement on Saturday - cuts its official selling price for April for all its crude grades to all destinations

OPEC+ said to be discussing deepening current oil output cuts at least until June

Reuters reports, citing two unnamed sources on the matter

Says that OPEC+ is discussing to deepen the current set of output cuts by at least 0.4 mil bpd until June next year as Saudi Arabia is keen to surprise the market to the upside before the Saudi Aramco IPO.

Saudi Arabia floats change to Japan oil supply, sparks concern

Saudi Aramco has notified Japan’s top oil distributor about a potential change in shipments, stoking concerns about the kingdom’s ability to supply crude following attacks on its major refineries a week ago, Nikkei learned Saturday.

State-owned Aramco did not say why it wants to change the oil grade it supplies to JXTG Nippon Oil & Energy from light to heavy and medium, starting in October, JXTG officials said.

But the move indicates that the Saudi national oil company is having a hard time restoring its production as quickly as it has promised, despite repeated assurances that the company’s supply would be restored by the end of September.

Two of Aramco’s refineries were attacked in what is believed to be a drone and cruise missile strikes on Sept. 14. The attacks, which were claimed by Iran-backed Houthi rebels in Yemen, knocked out more than half the country’s oil production.

JXTG officials said they suspect that Aramco is taking more time than expected to repair its desulfurization facility, which is necessary to produce light-grade crude used in the production of gasoline and light gas oil.

Saudi Arabia accounted for almost 40% of Japanese oil imports in fiscal 2018. (more…)