- AIG, Ex-CEO Greenberg Reach Pact to Settle Disputes
- Bank of America CEO Search May Extend Into 2010
- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- For Many in US, It Will Be a Scaled-Down Holiday Season
- Where Do Pardoned Turkeys Go?
- Jobless Claims Below 500,000, Durable Orders Slip
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- S&P Stocks Trading at New 52-Week Highs
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
MOST SHARED
- Garlic Price Rises Surpass Gold, Stocks in China
- S&P Stocks Trading at New 52-Week Highs
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Ritz-Carlton ?Struggling? in the US: President
- The Executive Job Search
- US Plans to Reduce Emissions By 17% Within Next Ten Years
- Salvation Army's Kettles Now Credit Card-Ready
- Half of Banks' Losses May Still Be Hidden: IMF Head
- Consumer Mood Improves, But Anxiety Over Personal Finances
- Where Do Pardoned Turkeys Go?
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.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes