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Saudi Aramco to accept fresh LPG cargoes

Opec crude oil_GBO_Image

Opec nations and its partners pumped more crude oil in August

Oil major Saudi Aramco will accept LPG cargoes designated for October, media reports said. However, the company has imposed cuts in loading cargos and have rejected three cargos.

The cuts were imposed on cargos reserved by China, while Indian buyers were allowed to proceed without any delays. The reasons for the cuts against the Chinese cargos are unknown.

It is reported that Opec members from the Middle East sought extra crude supplies for power generation in August. Opec nations announced to ease production cuts that could result in an oil supply restoration in line with this.

Opec nations and its partners pumped more crude oil in August. The UAE, Kingdom of Saudi Arabia and Russia were the top crude oil producing countries. Moreover, the Kingdom booted its crude oil production by 500,000 b/d in the month to 8.95 million b/d. Most of the crude oil was consumed by the kingdom’s peaking power plants.

It is reported that Opec’s 13 members produced 24.37 million b/d in August, a 4 percent surge from July, while the remaining members produced saw a 6 percent surge in their production to 12.67 million b/d.

Indian buyers are on the frontline because of the country’s improvement in import volumes after been walloped by the pandemic during June and July. The country also showed inventory built up in May.

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