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![]() The world's largest oil exporter and OPEC's unofficial leader Saudi Arabia will reduce the export of raw materials by at least 520,000 barrels per day in September under the global pact to limit production, sources said on Tuesday. ![]() 08.Aug.17 8:02 AM By Daria Zaytseva Photo Toinnov.com |
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Riyadh undertook to limit the volume of its own production by 486,000 barrels per day.
Saudi Arabia's state-owned oil and gas company Saudi Aramco has become accustomed to reducing oil exports to the U.S. and Europe, to a lesser extent - to Asia, in order not to lose market share in the region, which is the main driver of the growth in world energy demand.
Deliveries to South Korea will decrease by more than 2 million barrels in September, to India - by more than 1 million barrels, to Japan - by almost 2 million barrels. In addition, Saudi Arabia's decline in exports should support the Middle East oil market, as refineries can switch to spot supplies to compensate for the shortage of raw materials from the kingdom, and arbitrage shipments from the Atlantic Basin are expected to decline. |