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Commodities Briefing - Categorized | Oil, Trading more

Saudi oil buyers don’t want more, output seen flat

Posted on 12 February 2013

Oil companies that buy Saudi Arabian crude have not requested extra supply and sources in the kingdom say production policy is unchanged - indicating steady output despite a jump in prices to US$118 a barrel. Sources at oil companies in Europe, China and Japan told Reuters they have not asked to buy more crude for March, and also that Saudi state oil company Saudi Aramco has not offered extra barrels.
Industry sources in Saudi Arabia say the kingdom’s production policy is unchanged: the supply response will be driven by demand not price. If consuming countries do not order more oil, then Riyadh will not raise output………………………………………..Full Article: Source


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