Reuters: Investors in Aramco Pipelines Will Refinance Bond Loans Next Year

Saudi Aramco will reduce its shipments of medium and heavy crude for August to at least six Asian buyers, sources familiar with the matter said.

The Kingdom of Saudi Arabia, the largest oil producer and exporter in OPEC, to cut production and exports in compliance with the OPEC agreement, reducing production by 9.7M bpd from May to July.

Source said that Aramco notified some buyers in China, South Korea, Taiwan, Japan and India over the weekend that the company would reduce supplies, which is the fourth month in a row that the company is cutting heavy crude shipments.

Aramco said it would cut its heavy Arab crude production to August by about 10% of its contracted volumes.

Buyers were given the option to switch those supplies into a lighter grade of crude.