Saudi Arabian Oil Co., the world’s largest crude exporter, will supply full contractual volume in February to customers in Europe, unchanged from this month, according to two refinery officials with knowledge of the matter.
Saudi Aramco, as the company is known, will provide 100 percent of crude cargoes sold under long-term contracts, said the people, who asked not to be identified because the agreements are confidential. While Aramco has the option to reduce monthly sales volumes to term buyers, the producer has not done so since November 2009.
Aramco in September exported 910,000 barrels a day of Arab Light and Extra Light blends to European members of the Organization for Economic Cooperation and Development excluding Estonia, Hungary and Slovenia, the International Energy Agency said in its monthly oil market report on Dec. 11. No Arab Medium was shipped to Europe, compared with 30,000 barrels a day in August.
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