Saudi Arabian Oil Co., or Saudi Aramco, will supply full term volumes of crude to its European customers in March, unchanged from last month, people familiar with the situation at three European customers told Dow Jones Newswires Thursday.
Saudi Arabian Oil Co., or Saudi Aramco, will supply full term volumes of
crude to its European customers in March, unchanged from last month, people
familiar with the situation at three European customers told Dow Jones
Newswires Thursday.
The supply is in line with volumes received by term lifters in recent months.
However, the people also said it is possible that some refiners will receive
extra barrels in March, as they look to cover requirements amid increasingly
tight sanctions against
Iran
.
"European refineries are asking for spot barrels [from
Saudi
Arabia
]," said a person at one
of the Kingdom's European term customers.
The
U.S.
and
the European Union have imposed stringent sanctions on
Iran
,
which are making it ever more difficult for the Islamic Republic to sell its
oil. The EU plans to implement a full embargo against exports of
Iran
's
crude from July 1.
Uncertainty over the supply situation in
Europe
has
made many oil consumers nervous, though
Saudi
Arabia
has pledged to make up for
any missing barrels.
"We have normal allocations at the moment and we aren't receiving more
volumes yet, but obviously with all the things with
Iran
everyone is talking to
Saudi Arabia
,"
said a trader at a major European refiner.
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