LONDON: The newly produced blend of super light crude by Saudi Arabia would be available early April, a source familiar with the matter said. Saudi Aramco has produced the new blend of crude to plug the gap created by the shut-in of high quality Libyan oil exports since a rebellion against leader Muammar Gaddafi began in February. Libya exported about 1.3 million barrels a day before the fighting, with most of that heading for Europe. The first 1 million barrel cargo of the new blend oil is expected to load at the Red Sea port of Yanbu on April 4, the source added. Reported purchases of light sweet, crude by Austrian oil company OMV AG and UK energy giant BP plc are likely to have been of the Arab Extra Light variety, which Aramco decided to sell on the spot market after the Libyan crisis erupted. Previously Arab Extra Light barrels could only be purchased through long-term contracts. The new blend of super light, sweet crude has an API gravity of 44, making it lighter than Libyan grades of oil. Aramco sold two shipments to Austrian energy company OMV and one to BP for delivery on tankers that can carry up to 1 million barrels of oil, another sources said. Saudi Arabia and Russia agreed to put more crude on the market. Libya before the conflict was producing around 1.3 million barrels of oil per day and most of that was designated for the European market. Libya ranked seventh in terms of oil reserves among OPEC members.
