World's largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.
SINGAPORE - World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.
The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter said. The move followed a deal struck by the Organization of the Petroleum Exporting Countries and its allies including Russia to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July.
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