Saudis Will Cut Oil Shipments To Asia In August - 10th Month Straight

[hatrack]

JEDDAH: Saudi Aramco, the world's largest state oil company, will cut crude oil exports to Asian refiners for a tenth month in August, refinery officials said.

The Dhahran, Saudi Arabia-based oil producer will reduce supplies of its Arab Light and Arab Heavy crude oil to refiners in Japan, China and South Korea by between 9 per cent and 10 per cent below the volumes set out in annual supply contracts, said three refinery officials, who received notices from the company and asked not to be identified because of confidentiality agreements.

EDIT

http://economictimes.indiatimes.com/News/International__Business/Saudi_Arabia_to_cut_oil_supply_to_Asia/articleshow/2193245.cms

[dipsydoodle]

1. Maybe they're running out ?

Or - someone has pulled the plug on the Iraq - Saudi meterless pipeline.

Any one of a number of links :
http://www.paulchefurka.ca/Iraq%20and%20Saudi%20Arabia.html

[4dsc]

2. 50% export cuts in the next 5 years??

This goes hand in hand with reports that the world oil exports will by cut by 50% over the next 5 years..

Damn, today's gas is looking rather cheap don't you think...

[brokensymmetry]

3. $10 gas, anyone? Recommended! This needs to be seen.

K&R. This is going to be a critical issue - perhaps as soon as November, 2008.