Oil: Saudi Arabia cuts supply by 40% for Asia

Seven oil refineries in Asia will be impacted by Saudi Arabia's supply cut next month. The decision was made after OPEC+ agreed to extend the cuts throughout July.

The volume of oil contracted by these seven refineries was reduced by between 10% and 40% for the month of July, according to Asian representatives who did not want to identify themselves. Some South Korean processors have been notified of order reductions after being spared cuts last month.

According to the sources, the cuts were widespread: from southern and southeast Asia to some parts of the north. It is worth remembering that OPEC+ agreed to keep the cuts for another month to help recover the oil market, in crisis after the pandemic of the new coronavirus.

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