TOKYO, 19 December 2002 — Saudi Arabia plans to cut its crude oil exports to Japan and other Asian countries by 22 percent in January from levels set under initial contracts, news reports said yesterday.
The move is in line with an agreement announced last week at a meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, the Yomiuri Shimbun and the Asahi Shimbun said in their evening editions.
Saudi Arabia is considering the measure on oil shipments to Japan, South Korea, and Thailand, the newspapers said, quoting sources close to Japanese crude oil importers. If Saudi Arabia, Japan’s second largest crude oil exporter, continues cutting shipments for 2003 by the same margin, Tokyo’s total oil imports would decline by five percent, the Yomiuri said. Other oil exporting nations such as Kuwait and the United Arab Emirates are expected to follow suit, the Asahi said. Immediate confirmation of the reports was not available. (AFP)
