Maintenance shutdowns at Saudi Aramco could free up oil exports
Market sources reported that Yanbu Aramco Sinopec Refining Co (Yasref), an oil refining joint venture between Saudi Aramco and China’s Sinopec is expected to shut its refinery complex in November for 10 to 15 days. Saudi Aramco’s Ras Tanura refinery is also expected to be shut for maintenance for around 20 to 25 days in December.
According to Reuters, these shutdowns may increase the amount of crude oil that Saudi Aramco has for export during the refinery maintenance. According to their estimates, 4-8 million barrels of crude oil could find its way to the export market during the shutdowns.
A potential rise in Saudi Arabia’s crude exports along with improving production in Nigeria would support excessive supplies and raise concerns among producers regarding oil prices.
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