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Several Asian refiners suffer April supply cuts by Saudi Arabia

April 14/2021

MOSCOW (MRC) -- Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15%, while meeting the normal monthly requirements of Indian refiners, according to Hydrocarbonprocessing with reference to refinery sources' statement to Reuters.

Saudi Arabia's reduction in supplies come as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, decided in March to extend most of its supply cuts into April. Thus, Saudi Arabia has pledged to continue with an extra 1 million barrels per day voluntary output cut for a third month in April.

Chinese refiners received a small cut in their Saudi supply, while the reduction in volumes for Japanese buyers was between 10% and 15%, the sources said.

Saudi Aramco is also commissioning its 400,000-bpd Jizan refinery in the south west of the country which may have reduced its exports, one of the sources said.

For India, Saudi Aramco has rejected Indian refiners' requests for extra supplies in April, but will keep average monthly supplies to the country unchanged, three Indian refining sources said.

As MRC reported earlier, Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand in 2021 after it reported a steep fall in last year's net profit and scaled back its spending plans. The COVID-19 pandemic took a heavy toll on the company and its global peers in 2020, but oil prices have rallied this year as economies recover from last years downturn and after oil producers extended output cuts.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.

Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco"s value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP block copolymer, homopolymer PP, propylene, LDPE, HDPE, ethylene, petrochemistry, Saudi Aramco, India, China, Russia, Saudi Arabia.
Category:General News
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