Hot topics | Coronavirus pandemic

Saudi Aramco Denied Information About The Reduction Of Oil Supplies To Asian Countries In September

Saudi Aramco Denied Information About The Reduction Of Oil Supplies To Asian Countries In September

The Saudi state-owned company Saudi Aramco, the world's largest oil producer and reserves, does not see problems with the demand for oil in the primary supply region - Asia, said Amin Nasser, head of the company, during a teleconference with investors.

Earlier, Bloomberg, citing sources, reported that some Asian countries asked Saudi Arabia to cut oil supplies to the region in September due to low demand and high cost. Before this, Saudi Aramco has reduced the price of oil to Asian markets.

According to Bloomberg, in India, the decline in energy demand is due to the spread of coronavirus, in China - with the recent floods. Besides, in the period from January to June, China imported 268.75 million tons of oil, which is 9.9% more than last year. In June, the growth was 34.4%. In July, demand decreased slightly due to market glut.

"The demand for oil in China has not been affected. For us, China, Japan, South Korea, and India are a significant market, and we have maintained the volume of supplies to this region," Nasser said.

According to him, the volume of oil supplies to China is about 1.6 million barrels per day.

Almost 5 million barrels per day or 70% of all Saudi oil exports go to Asia.

You may also like: