EnergyWatch

Saudis offer extra oil in Asia as OPEC leader pumps more

Evidence is mounting that Saudi Arabia is heeding U.S. President Donald Trump’s call for OPEC to keep the oil market amply supplied and rein in prices.

Photo: SaudiAramco

The Middle East kingdom is offering extra crude volumes on top of its contractual supplies to some buyers in Asia, according to people with knowledge of the matter, as the OPEC’s defacto leader plans record oil output after unwinding a deal with its allies to curb output.

The Organization of the Petroleum Exporting Countries has come under pressure from Trump to pump more before the U.S. midterm elections in November, after a rally in crude to a 2014 high lifted American gasoline prices. Meanwhile, some Saudi customers such as India have warned that higher prices will curb demand. In China, Unipec -- the trading unit of the nation’s biggest refiner -- had cut purchases citing costly pricing by the kingdom.

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