SINGAPORE (Reuters) – The World’s largest oil exporter Saudi Aramco <2222.SE> has reduced the volume of July-loading crude that it will supply to at least four buyers in Asia, five sources said on Monday.
The cuts were mainly for medium and heavy grades, the sources with knowledge of the matter said. Three of the sources said that their July cuts was smaller than what they had received in June.
The move followed a deal struck by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July.
Saudi Arabia has said it will end its deeper, voluntary cuts amid signs of global demand recovering.
(Reporting By Shu Zhang and Florence Tan; Editing by Tom Hogue)