12/20/2023 0 Comments Google instant st viewSaudi earlier this month raised prices for all grades it sells to Asia. One of the Japanese refiners requested a 10% cut, which is within a permissible adjustment limit in the contract, while another won't be lifting any Saudi crude because of refinery maintenance, two of the sources with knowledge of the matter said.Īt least one Chinese refiner reduced the volume of May-loading Saudi oil it needed due to high official selling prices (OSPs) set by the producers, another of the sources said. Some Japanese and Chinese refiners have also requested lower volumes, the sources told Reuters. The producer met the four Indian refiners' demands for lower volumes, but adjusted the types of crude it supplies to at least one of the Indian buyers to Arab Light from Arab Heavy, the sources said. Reuters reported last week that four state Indian refiners had requested 36% less oil from Saudi Arabia in May than normal amid tensions between India, the world's third-biggest oil importer and consumer, and the producer. The demand for lower volumes comes just as the kingdom is set to phase out additional voluntary production cuts over the next few months under plans agreed by the Organization of the Petroleum Exporting Countries and their allies including Russia to ease supply cuts. SINGAPORE, April 12 (Reuters) - Top oil exporter Saudi Arabia will meet most Asian customers' requirements for May-loading crude after some buyers had asked for lower volumes partly because of refinery maintenance and higher prices, several trade sources said on Monday.
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