Saudi Aramco cuts Feb crude supply due to field maintenance

January 20, 2014 - 11:17:00 am

KHOBAR: Saudi state oil company Saudi Aramco has informed at least two term buyers that it will supply less Arab Extra Light crude in February due to maintenance at one of its biggest oilfields, industry sources said on Monday.

The world's top oil exporting nation and OPEC producer will carry out maintenance at the Shaybah oilfield in February that could last up to two months, two sources with knowledge of the matter said.

A company spokesman said he could not immediately comment. Shaybah has a capacity of 750,000 barrels per day (bpd), expected to rise to 1 million bpd by end-2016 or early 2017.  

The reduction in Arab Extra Light supply has helped bolster premiums for March-loading light grades from other Middle East producers and Russia.

The value of competing Murban crude from Abu Dhabi rose to a premium of more than 10 cents a barrel to its official selling price (OSP) late last week, up from earlier trades at about 5 cents, trade sources said.

The premium on Russian Sokol held firm at just above $9 a barrel to Dubai quotes, while the premium for Russian Vityaz was up nearly $1 for cargoes loading in March and April from February. (Reuters)