TOKYO/BEIJING: Saudi Arabia has offered more crude to Asian refiners in July, the first evidence it is taking steps to increase supplies after OPEC talks collapsed earlier this week. Still, most regional refiners already have what they need for July, industry sources with direct knowledge of negotiations said Friday. Two or three Asian buyers are keen on more oil, and will finalize any additional volumes in coming days, a refiner source said. One Indian company is among those interested, he added. "They are asking if anybody has an interest in additional volumes," a separate source at a north Asian refiner said. Asia, led by China, is driving the global increase in oil consumption, so higher Saudi supply could benefit regional refiners. The additional offer comes after the Organization of the Petroleum Exporting Countries failed to take a decision on raising output on Wednesday, resulting in the talks breaking down in acrimony. Oil prices were near their 2-1/2 year highs in recent weeks in part due to concerns of supply disruption from the Middle East and North Africa amid rising demand from emerging nations such as China and India. The Paris-based International Energy Agency (IEA) expects Asia to burn 900,000 barrels per day (bpd) more oil in 2011 than 2010, over 70 percent of the 1.29 million bpd global demand growth forecast for the year. At least two Asian term buyers said Saudi Arabia will supply them with full contracted volumes of crude oil in July, steady from June.
