Saudi Aramco to supply extra oil to three Asian buyers: report

At least three North Asian buyers are set to receive additional oil supplies from Saudi Arabia, Reuters reported on Tuesday, citing unnamed sources.

Saudi Aramco will supply more oil to the buyers in October, with one to receive more Arab Light crude, the sources added.

The move will help the countries to cushion the impact of any oil shortage following the enforcement of the US sanctions on Iran oil shipments from November.

Washington has already asked buyers of Iranian oil to cut imports to zero in the run-up to the sanctions, to force Tehran to negotiate a new nuclear agreement.

South Korea has stopped lifting Iranian oil since July, while Japanese and Taiwanese buyers are expected to lift their last Iranian oil cargoes this month, the report added.

Last week, Reuters reported that Saudi Arabia was expected to keep prices for light crude grades supplied to Asia largely unchanged from September, to remain competitive.

In June, OPEC and non-OPEC countries increased exports after they agreed to raise output by 1 million barrels per day to offset the oil deficit from Venezuela and Iran.