Saudi Arabia may cut crude allocations in Sept by at least 520,000 bpd

State oil company Saudi Aramco will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, Reuters cited an industry source familiar with the matter as saying on Tuesday.

The cuts in allocations are in line with Saudi Arabia’s commitments with the OPEC-led supply reduction pact, under which the top oil exporter is required to cut 486,000 bpd.

Saudi Arabia will cut supplies to most buyers in Asia by up to 10 percent in September, multiple sources with knowledge of the matter have said.

Source: Reuters