Saudi Aramco cuts February crude supply to some Asian refiners, sources say

Saudi Aramco's facility

SINGAPORE (Reuters) - Top oil exporter Saudi Arabia has cut supplies of February-loading crude by 10% for at least two Asian buyers while meeting requirements of at least three others, several refinery and trade sources with knowledge of the matter said on Wednesday.

The step 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+.

Most OPEC+ producers will hold production steady in the face of new coronavirus lockdowns.

 

(Reporting by Shu Zhang, Nidhi Verma and Florence Tan; Editing by Clarence Fernandez)


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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