Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil in August to at least two Asian term buyers, steady with July levels, industry sources said on Monday.

Traders in the region had expected full volumes to be supplied for August. Two other Asian buyers were still checking notices. Other buyers were not immediately available for comment.

Saudi Arabia is expected to continue supplying full contracted volumes in the near future as official selling prices (OSPs) to the Asian region are deemed higher than for other regions.

It has restored full contracted volumes to most Asian buyers since January after curbs for most of 2009 that were applied in line with OPEC's record output cuts.

Sources said Saudi Arabia made no changes to the operational tolerance level in the supply allocations, meaning buyers have the option of asking for cargoes to be 10 percent more or less than contracted volumes.


OPEC crude oil supply is expected to fall in June from the 17-month high reached in May because of lower supplies from Iraq, Angola and Nigeria, a Reuters survey showed last month.

The decline mainly reflects output disruption in Nigeria rather than an OPEC effort to improve adherence to targets for output, which has been falling since 2009.

Analysts say higher compliance is unlikely without a darkening of the economic outlook and lower prices.

U.S. crude oil hovered around $76 on Monday, keeping above the $70-$80 range that Saudi Arabia has said it considers reasonable.

The Organization of Petroleum Exporting Countries has left its output ceiling unchanged for more than a year since announcing a record supply curb of 4.2 million barrels per day (bpd), agreed in December 2008.

(Reporting by Osamu Tsukimori and James Topham; Editing by Michael Watson)