Asian refiners and traders said they are expecting Saudi Arabia to import large ...
SINGAPORE - Asian refiners and traders said they are expecting Saudi Arabia to import large volumes of refined oil products and curb exports of light crude oil after attacks on Saturday that forced it to shut down more than half of its oil output.
Oil prices surged nearly 20 percent during early Asian trading hours on news that Saudi Arabia, the world’s largest oil exporter, cut output at its processing facilities at Abqaiq and Khurais by a total 5.7 million barrels per day , with no indication on when output will be resumed. Arab Light and Arab Extra Light crude oil grades make up about one third of China’s total Saudi oil imports, according to Seng Yick Tee, a senior director with consultancy SIA Energy.A company executive from Zhejiang Petrochemical, one of China’s two new mega integrated refineries, said inventories of crude oil were “comfortable” as it gears up for full production at its new 400,000-bpd plant in east China later this year.
“Typical buyers of Arab Light are Japan, South Korea, India and China. It won’t be easy, cheap or quick to switch to heavier grades of oil if refineries are configured for lighter grades,” noted Abhishek Kumar, head of analytics at Interfax Energy in London.
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