Saudis Prop Up Oil Prices, Cut Shipments To Asia And Europe

By Oilprice.com11 days ago


Saudi Arabia has announced reductions in crude oil volumes to be supplied to at least nine clients in Asia and Europe following its decision to add another 1 million bpd to its OPEC+ production cut quota to prop up prices. Bloomberg reports that the Kingdom will slash supplies to some refiners by between 20 and 30 percent, according to unnamed sources from the buyer companies. The cuts are made for shipments under long-term contracts and concern Aramco’s heavier grades. Some smaller European buyers, the sources said, may not get any Saudi…

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