Saudi Aramco cuts Feb crude supply to some Asian refiners
14th January, 2021 12:00:22
SINGAPORE: Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday.
This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day (bpd) in February and March under a deal between the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, report agencies.
Most OPEC+ producers will hold production steady in the face of new coronavirus-induced lockdowns. Global oil prices are trading at their highest since February following Saudi’s decision.
Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday.
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Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday.