Saudi Aramco cut oil supplies by a quarter to some Asian buyers in February – while meeting the oil needs of four other buyers.
According to Al-Sharq Al-Awsat, Saudi Aramco has taken this step to reduce customer demand in the context that the kingdom has decided to reduce the production of 1 million barrels of oil per day between February and March in a spirit of goodwill.
Saudi Arabia had assured the member states at the last meeting of OPEC Plus that Saudi Aramco had reduced the demand for two refineries in North Asia by 10% while the demand for three refineries in India had decreased by 15-26%.
Trade sources say that an additional reduction in oil supplies from Saudi Arabia will improve the market’s position. In addition, it is possible that Asian countries will repair and refine oil refineries in the same season. The demand for oil will automatically decrease.
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