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Saudi cuts oil price to keep Asia share as Covid pummels demand in India


Saudi cuts oil price to keep Asia share as Covid pummels demand in India
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Saudi cuts oil price to keep Asia share as Covid pummels demand in India
Sanjay Dutta / TNN / Updated: May 6, 2021, 22:56 IST
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NEW DELHI: Saudi Aramco has pruned the OSP (official selling price) of June oil shipments to Asia by 10-30 cents per barrel as a deadly second wave of Covid-19 infections pummel demand in India, the world’s third-largest consumer, and a host of other economies in the region.
But the reduction is unlikely to stop fuel prices from creeping up as they have started doing after an 18-day gap. Signs of demand recovery from China and the US, which saw a sharp drawdown of crude inventories last week and rising refinery output, are partly working off Covid concerns to keep crude firm – at least for the time being. ....

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