Saudi Aramco To Supply Full Oil Volumes To Some Asian Refiners

Saudi Aramco has informed a minimum of five customers in North Asia that they will be provided with the complete nominated volumes of crude oil in July. This comes after the company had promised to reduce production in the upcoming month.

In a recent development, Saudi Arabia, the leading oil exporter globally, has announced its decision to cut down its production to 9 million barrels per day (bpd) in July from the current production level of around 10 million bpd.

Chinese state-owned refiners have reportedly requested a reduction in supply for July, as per three trading sources. The sources estimate that the total volume requested could be around
10 million barrels less than what was taken in June. In a surprising move, Saudi Aramco has increased its declared selling prices for all crude grades to Asia for July-loading cargoes.

This decision is expected to negatively impact refining profits and may prompt refiners to purchase more feedstock from the spot market. China’s crude oil imports from Saudi Arabia are expected to remain steady in July, following a similar intake in June. This comes as several Chinese refineries have requested increased supply for July, after a low base in the previous month.

In a recent development, Aether Industries, a manufacturer of specialty and fine chemicals, has announced the signing of a license agreement with Saudi Aramco Technologies Company. The agreement is aimed at commercializing the sustainable convergence polyols technology.
Aman Desai, the promoter and director of Aether Industries, has announced in a statement that they have been selected to commercialize the converged polyols.

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This comes after several years of collaborative efforts in developing the manufacturing technology for the converged platform. Aether Industries expresses their pleasure in being chosen for this opportunity. Cutting-edge technology has been developed to produce more
sustainable polyols with up to 40% carbon dioxide by weight. This technology is called the converged platform.

A new series of polyols has been discovered, which shows great potential for use in the CASE industry (coatings, adhesives, sealants, and elastomers).