March crude supplies kept steady by Saudi Arabia
Saudi Arabia shall be supplying regular supplies of oil as the demand has picked up and prices of oil are favourable. Energy Firm Saudi Aramco mentioned that it shall be receiving the full volumes of the crude oil, as per the contract, for the month of March.
The volumes of oil have not been reduced by the three European buyers of oil. Spokesman of North Asian refiner said, "We expected full volumes and that's what we got."
According to Saudi Arabia the US buyers shall receive regular supplies of oil during March. So far during the year regular supplies have been made to most of the Asian term buyers, although during 2009 supplies were curbed, in accordance to OPEC pact. The production was thus cut by 5%, 4.2mn bpd, due to lowering of the world demand and fall in the prices.
During this year, from the supplies during January, some members of OPEC are pumping more oil than the target fixed for them.
Next meeting of OPEC has been scheduled for the month of March and it is not likely to change its policy on the production of oil in case the oil prices remain as at present.
With the increase in oil production the Japanese refinery's operation increased and was the highest, in the last 11 months.
The operation tolerance levels were not modified as such refiners can load cargoes of crude up to 10% more or less, from the contracted volumes.
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