State oil firm Saudi Aramco informed buyers in monthly notices it would continue to supply Asian lifters with around 10% below their full contractual volume, as it has since April.
It will also keep shipments steady to two European refiners, indicating the world's largest producer is keeping a lid on supply.
I think if they're holding it steady, it probably means they're holding production steady. It's a sign that what the market is expecting from OPEC -- no rise in output -- is going to happen, however Saudi sources signalled OPEC may need to consider an output boost of up to 1 million barrels per day...
More than half of Saudi Arabia's crude heads to Asia. In 2006, the kingdom shipped 51.6% of its crude exports to the region.
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