Several Asian refiners struggling with weakening demand will ask Saudi Arabia for less crude next month after the kingdom cut official selling prices by a smaller amount than the processors had been hoping for.
At least three buyers are planning to request less oil from Saudi Aramco for September, according to company officials with knowledge of their crude procurement. Three others expressed disappointment at the size of the cut -- the first reduction in four months -- but will seek normal volumes, said the people who asked not to be identified as the information is private.
Asian demand has taken a hit of late as the coronavirus staged a comeback in countries including India, and as flooding in China led to top refiner Sinopec scaling back some crude processing. Chinese oil imports fell in July from a record in June as tankers clustered off ports waiting to unload cargoes of cheaper oil purchased earlier in the year.
No comments:
Post a Comment