Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy


Aramco Said to Trade Crude Normally Without Buying More Iraq Oil


English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

By Anthony DiPaola, Khalid Al-Ansary and Will Kennedy

(Bloomberg) Saudi Arabia’s state energy producer is trading crude produced outside the country as normal and is not currently seeking to buy additional barrels from Iraq’s state oil marketer, according to people with knowledge of the companies’ operations.

Armed drones and missiles attacked Saudi Aramco’s largest crude-processing facility at Abqaiq and the Khurais oil field on Saturday, causing the company to temporarily halt more than half its production. Aramco restored about 40% of the interrupted capacity this week and is using stored crude to help meet customer requirements.

Oil prices rose as much as 3.1% in London on Thursday after reports that Aramco had contacted Iraq’s state oil marketer SOMO with a request to buy as much as 20 million barrels of crude. The people familiar with the companies’ operations, who asked not to be identified because they’re not authorized to speak with the media, said that wasn’t correct.

Saudi Arabian Oil Co., as the producer is officially known, declined to comment.

GLJ
Sky Eye Measurement
Sky Eye Measurement
GLJ

Aramco is evaluating supplying its international joint-venture refineries with additional volumes of non-Saudi crude, according to the people. The trading unit has bought and sold Iraqi crude cargoes in the past, with deals going back over the past few years, they said. Aramco Trading, as the wholly owned unit is known, typically deals in about 1 million barrels of third-party crude a day, Ibrahim Al-Buainain, the business’s chief executive officer said last week, prior to the attacks.

Since the Abqaiq attack, the company has been seeking additional cargoes of refined oil including diesel and jet fuel on the global market.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE