Saudi Aramco Keeps Feb. Oil Volumes to Asia

Saudi Arabian Oil Co., the world’s largest producer, will supply full volumes of crude to refiners in China, South Korea and Taiwan for February 2010.

Aramco’s decision to provide full exports comes amid an agreement at the last Organization of Petroleum Exporting Countries meeting on 22 December 2009 to keep production quotas unchanged. Statements from OPEC leaders at the meeting called for compliance with the cuts of between 75% and 80%. 

Saudi Arabia lowered its output by 40,000 bpd in December to 8.15 million bpd. That is still 99,000 bpd over its production target of 8.051 million bpd. - Bloomberg