Asia refiners expect Saudi Arabia to cut August crude prices – Reuters
- Date: 03-Jul-2023
- Source: Reuters
- Sector:Oil & Gas
- Country:Saudi Arabia
Asia refiners expect Saudi Arabia to cut August crude prices – Reuters
SINGAPORE, July 3 (Reuters) - Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader OPEC+ deal.
Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners' margins.
To support global prices depressed by rising interest rates and recessionary fears, the producer volunteered to cut output by 1 million barrels per day (bpd) in July on top of a broader OPEC+ deal to limit supply into 2024. [
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