Saudi Arabian Oil Co., the world’s largest producer, will supply full volumes of crude to refiners in China, South Korea and Taiwan for February. Saudi Aramco, as the company is known,

will provide 100 percent of cargoes sold under long-term contracts next
month, according to a Bloomberg News survey of refinery officials in
the three Asian nations, who asked not to be identified because of
confidentiality agreements with the company.

Aramco’s decision to provide full exports comes amid an agreement at
the last Organization of Petroleum Exporting Countries meeting on Dec.
22 to keep production quotas unchanged. Statements from OPEC leaders at
the meeting called for compliance with the cuts of between 75 percent
and 80 percent.

The incentive to stick to the cuts has declined as oil prices have
moved above $83 a barrel. The 11 OPEC members bound by the cuts,
excluding Iraq, overproduced by 1.77 million barrels a day in December,
according to Bloomberg estimates, meaning that the group has completed
on about 58 percent of their 4.2 million barrel a day reduction.

Saudi Arabia lowered its output by 40,000 barrels a day in December to
8.15 million barrels a day. That is still 99,000 barrels a day over its
production target of 8.051 million barrels a day.

Source: Bloomberg

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