Saudi Arabian Oil Co., the world’s largest state-owned crude exporter, will provide full contracted supplies to Asian customers in July, according to buyers at five regional refiners who received notification from the producer.
Saudi Aramco, as the company is known, will supply 100 percent of volumes agreed under long-term contracts, said the people at refining companies in Japan, Thailand and South Korea, declining to be identified because they aren’t authorized to speak to the media. July will be the 32nd month in a row that Saudi Arabia has not trimmed exports.
The Organization of Petroleum Exporting Countries, which supplies 40 percent of the world’s crude, will keep its official daily production ceiling at 30 million barrels when its 12 members meet in Vienna on June 14, all 20 traders and analysts surveyed by Bloomberg News said. The group has agreed to cuts at every meeting in the past 10 years that coincided with a price drop of more than 10 percent in the preceding three months, data compiled by Bloomberg News show.
Brent oil has fallen 21 percent since March 13 to $99.47 a barrel in London as of June 8, the latest closing price, on mounting concern that Europe’s debt crisis will derail global growth and curb demand for energy.