PetroChina has signed oil supply agreements for the year 2019 with state-owned production companies Saudi Aramco and Kuwait Petroleum Corporation (KPC) on Wednesday at an exhibition in Shanghai.

 

The quantities included in the supply contracts were not announced, but a source familiar with the items said that Aramco would supply the same amount it pumped in 2018. Two sources said the quantities Kuwait would supply would not change compared to this year, while a third source expected a slight increase.

 

Kuwait supplied PetroChina with an average of 66,000 bpd this year, according to a source familiar with the situation.

 

Companies can boost volumes during the contract period or reduce them if supply and demand change.

 

The sources familiar with the deals asked not to be identified because they were not authorized to talk to the media.

 

A source told Reuters last week that Chenhwa Oil, one of the Chinese military industries giant Norinu, is expected to renew at the Shanghai trade fair an annual agreement on crude oil supply for 2019 with Saudi Aramco