Saudi Arabia to supply additional crude to some Asian refiners in Nov

Saudi Aramco has agreed to supply additional crude to at least two North Asian buyers in November, while meeting full contractual volumes for three others, sources with knowledge of the matter said on Monday.

Full supply volumes were expected for the month, one of the sources said.

The world’s top oil exporter has been supplying full crude volumes to Asia despite limiting output to comply with a pact between the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.

Saudi Aramco also cut prices of crude it sells to Asia for a second month in November – slightly more than expected – a sign it’s keen to stay competitive as Middle East producers increase output towards year-end.

Some buyers took on additional Saudi supplies as November prices were attractive, the sources said.

Middle East crude benchmark prices rose above $80 last week.