Wednesday 25 December 2024
 
»
 
»
Story

Qatar, Kuwait crude delivery to go as expected

Tokyo, August 31, 2009

Opec-member Qatar told several term buyers it would supply full contracted crude oil volumes for October, while fellow Gulf state and group member Kuwait cut supplies by 5 per cent for the October-December period, both expected moves.

The announcements come after Abu Dhabi said over the weekend it would raise crude oil supplies to Asian refiners in October versus the previous month, in an unexpected move ahead of next week's Opec meeting to decide production policy.

Qatar Petroleum (QP) told several of its Asian buyers of its Marine and Land crudes that it would supply crude oil at full contracted volumes for October, unchanged from September levels, trade sources said on Monday.

Kuwait Petroleum Co (KPC) also told the buyers that they would continue to receive 5 per cent below contracted volumes in the fourth quarter, unchanged from the third quarter, separate trade sources said on Monday.

But Abu Dhabi National Oil Co (Adnoc) will slightly lift curbs on supplies of its four main crude grades to Asian buyers in October to 15 per cent, from cuts of 19 per cent in September.

Opec ministers will gather on Sept. 9 in Vienna to discuss whether to keep production steady after agreeing to cut 4.2 million barrels per day (bpd) of oil output since last September in a bid to shore up prices.

Oil supply from the Organization of Petroleum Exporting Countries rose in July for a third straight month, a survey found earlier this month, with compliance estimated at 71 per cent, down from as high as an estimated 80 per cent earlier this year. – Reuters




Tags: Qatar | abu dhabi | Kuwait | Adnoc | Tokyo | crude supply |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads