Saudi not set to sell more for Feb despite $100 oil
By JAB on Friday 11 January 2008, 10:40 - Market prices, etc - Permalink
- Reuters
- Thursday January 10 2008
By Maryelle Demongeot
SINGAPORE, Jan 10 (Reuters) - Saudi Arabia is unlikely to offer extra
crude for February to Asian buyers, even after oil hit $100 last week, as most
refiners have little need and ability to process additional heavy sour crude,
refining sources said.
The kingdom raised term exports to Asia by a tenth for November to full
contracted volumes after it convinced other OPEC members to boost daily output
by 500,000 barrels from Nov.1, in response to a jump in prices past $80 a
barrel for the first time in September.