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Saudi Aramco To Maintain Full Oil Supplies To Asia In Nov Despite OPEC+ Cuts

PARIS, France - Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Monday.

The producer is keeping supplies to Asia steady despite like production cuts by tapping on inventories, the source said.

Saudi Aramco could not be immediately reached for comment outside office hours.

The full supply allocation comes despite a decision by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, to lower their output target by 2 milion barrels per day.

Saudi Energy Minister Abdulaziz bin Salman had said the real supply cut would be about 1 million to 1.1 million bpd. Analysts expect Saudi Arabia, the United Arab Emirates and Kuwait to shoulder much of the production cuts because other OPEC+ members are falling behind output targets.



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