Skip navigation
Watchlist Sponsored By :

Current DateTime: 07:13:00 11 Jul 2009
LinksList Documentid: 24355697
  • Highest Grossing Movies

      What are the highest grossing movies of all time, adjusted for inflation? Click ahead to find out!

  • Most Expensive Places To Live

      Each year, Mercer Consulting assembles its ranking of the most expensive places to live. Mercer compiles information from 143 cities worldwide.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.


Current DateTime: 07:13:00 11 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

Saudi Arabia to Keep Europe Nov. Crude Supply Steady
By: Reuters | 10 Oct 2007 | 08:32 AM ET
Text Size

Saudi Arabia, the world's top oil exporter, will keep its crude supply steady to Europe in November but is expected to boost shipments to Asia, industry sources said on Wednesday.

An increase in supply would indicate that Saudi Arabia is following through on its pledge to raise crude oil output as of Nov. 1 as part of an OPEC agreement to lift production by 500,000 barrels per day.

Sources at three European oil refiners said they will receive steady supply of Saudi crude in November, while some traders in Asia said they had asked for more but had yet to be informed.

"We are expecting a supply increase for November as OPEC is raising production," said a Singapore-based trader. "They want to sell oil to us because they raised the official selling prices."

Earlier this month, Saudi Arabia cut its November official crude selling prices to Europe and the United States, but raised them for Asian customers. More than half of Saudi Arabia's crude heads to Asia.

Oil traders in Europe said on Tuesday that the prices did not favor European destinations for Saudi crude, making it more likely other regions, such as Asia, would absorb any increase in Saudi supply.

A Beijing-based trading source said Chinese refiners had asked for a sizeable increase in November supplies, partly to compensate for the loss of offshore Abu Dhabi crude during maintenance.

A source at a fourth European oil refiner said its own company had not asked for additional Saudi crude for November and it expected to receive the same volume as in October.

At a meeting last month, Saudi Arabia persuaded fellow members of the Organization of the Petroleum Exporting Countries to raise output in a gesture to consumer nations worried by the impact of record-high prices.

The kingdom has kept exports steady for months in line with OPEC deals agreed last year to trim supply, according to industry sources, with production of around 8.6 million bpd.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon


Current DateTime: 01:06:01 11 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:01:48 11 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 07:18:53 11 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:06:01 11 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters