Reuters reported that top oil exporter Saudi Arabia will supply full contracted volumes of crude oil in October to at least three major Asian term buyers, steady from September.

Industry sources said that demand for Middle East crude from buyers in northeast Asia has been robust over the past month as refiners stock up ahead of the northern hemisphere winter keeping margins at profitable levels.

Traders said that Asian refiners were not put off by a larger than expected increase in the official selling price of Saudi Arab Light last week which reflected higher spot prices for October loading cargoes for most Middle East grades.

The Saudis over the summer increased production towards 10 million barrels per day and offered additional supplies to Asian refiners, aiming to cool down oil prices. Refiners took full nominated volumes but most refrained from asking for extra supplies.

(Sourced from Reuters)