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53

Saudi Arabia Raises Crude Sales

Saudi Arabia will raise crude sales to major Asian refiners by a tenth in November

Saudi Arabia will raise crude sales to major Asian refiners by a tenth in November, more than expected as it takes the lion's share of OPEC's pledge to boost output, industry sources said on Thursday.

The recovery in shipments to 100 percent of contractual volumes -- rolling back the curbs it has imposed since November last year -- was a surprise to some lifters and could equate to a roughly 350,000 barrels per day increase in exports.

That is more than half of OPEC's promised 500,000-bpd rise agreed in mid-September after the kingdom convinced other members to raise output in a gesture to consumer nations, a move that has failed to tame oil prices still near record highs above $80.