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The Middle East exported 130 million barrels of crude oil per week, while North Africa exported 13.6 million barrels.
Saudi Aramco has notified at least three North Asian refineries that it will supply the full contract volume in October, Reuters reported.
The announcement follows a drop in oil prices in Asia this month. Saudi Arabia cut its official selling price (OSP) for all grades of crude in Asia by $3-4.50 a barrel, and benchmark Arabian Light crude by $3.95 a barrel.
ADNOC announced the October Murban crude oil OSP was 98.06 US dollars / barrel. Murban OSP for September was $105.96 per barrel. Kuwait and Qatar also announced significant price cuts for benchmark grades.
Weak demand in China
Oil demand in China is likely to come under pressure as demand for the traditional holiday season is unlikely to take off this year as strict zero Covid-19 norms prevent people from traveling.
Local authorities in major provinces predict that road traffic during the Mid-Autumn Festival will drop by as much as 20 percent from last year.
Weak demand in China and inflation leading to lower demand in the rest of the world were major headwinds for oil markets heading into the final quarter.
Early forecasts suggest that winters in Europe will be milder and warmer than average, which could further increase demand pressures if demand for heating is reduced.
Source: Reuters (Reporting by Sudharsan Sarathy; Editing by Seban Scaria)
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