- Saudi Aramco has told at least five North Asian refiners that it will supply full crude oil volumes by contract in October.
- Saudi Arabia has committed to extending its 1 million barrels per day production cut until the end of the year.
- After announcing its production cut extension, Saudi Arabia then increased its official selling prices for its crude going to Asia.
Sept 11 (Reuters) – Saudi Aramco (2222.SE) has notified at least five North Asian buyers that it will supply full contractual volumes of crude oil in October, sources with knowledge of the matter said on Monday, despite extended voluntary output cuts pledged by the Kingdom. The world’s top oil exporter last week said it would prolong the 1 million barrels per day (bpd) unilateral cut to the end of the year, driving up benchmark Brent crude above $90 a barrel for the first time this year.
But Saudi Aramco raised the October official selling price for its Arab Light crude by a less than expected 10 cents from the previous month.
Chinese refiners have maintained October total nominated volumes at a similar level to September at about 50 million barrels, three trading sources said. “Despite the modest price hike, Saudi crude remains more expensive than other crude. But as refiners are bound by the term contract, they cannot always ask for lower supply,” one source said. BlackMask Pod Cast:
Biden admin clears the way for prisoner swap deal with Iran, lifts freeze on $6 billion in Iranian funds
The Biden administration informed Congress on Monday that it has taken concrete steps to carry out a prisoner exchange with Iran, issuing a waiver that will give Tehran access to $6 billion in Iranian oil revenue that had been blocked by U.S. sanctions, according to a State Department document sent to Congress and obtained by NBC News. Secretary of State Antony Blinken last week issued a sweeping waiver to international banks allowing the transfer of $6 billion in frozen Iranian funds from South Korea to Qatar without the threat of U.S. sanctions, according to the State Department report notifying Congress of its decision. Iran will then be permitted to use the funds to buy food, medicine or other humanitarian items allowed under U.S. economic sanctions. In addition, the administration told lawmakers it would free five Iranian nationals under detention in the U.S. in exchange for five Americans held in Iran, according to the document. The move is the latest sign that the prisoner exchange is moving ahead. “This remains a sensitive and ongoing process,” she said. “We have kept Congress extensively informed from the outset of this process — long before today — and we will continue to do so, including with additional already scheduled briefings this week.”
They Got the Markets Right Where They Want Them