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Saudi cuts Feb crude oil supplies for some Asian buyers

Published : Thursday, 14 January, 2021 at 12:00 AM  Count : 58

SINGAPORE, Jan 13:  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+.
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.
Two North Asian refiners have received a 10per cent supply cut from the state-owned energy giant Saudi Aramco, sources said. February allocations for at least three Indian refiners have been cut between 15per cent and 26per cent, the sources said on the condition of anonymity.    —Reuters







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