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Aramco confirms its North Asian contracts

Robinson DUVERNOY
Le 14 December 2021

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According to two professional sources, Saudi Aramco informed two North Asian buyers last Friday that it would honor the entire crude oil supply contract for January 2022.

Aramco raises prices and honors contracts

These statements followSaudi Arabia’s decision to increase the official selling price (OSP) for all crude oil sold to the Asian market.
January will mark the second consecutive month of cost increases.
Reflecting significant market gains in the Middle East.
With these assertions, January will mark the fourth consecutive month in which Saudi Aramco will make full allocations.
To meet these needs, the producer is maintaining full crude oil supplies through December 2021.
Furthermore, the price increase announced by the company at the beginning of the month contrasts with previousOPEC+ decisions.
The alliance has just decided to maintain its policy of increasing supply by 400,000 barrels a day in January.

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