The OPEC’s top oil producer, Saudi Arabia, cut its supplies to nine Asia refiners and one European refiner for February, Bloomberg reports, citing several refinery and trade sources with knowledge of the matter.
“Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors as much as 20%-30% less than they had sought.”
“Saudi Arabia’s move to sell less oil comes amid an overall decline in crude demand across Asia due to peak refinery maintenance season from March to April.”
WTI has taken a U-turn after facing rejection just shy of the $54 mark. The black gold sits at the highest level since March 2020.