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According to a Reuters survey of six Asian refining sources, Saudi Arabia is expected to reduce the price of its oil going to Asia.

SINGAPORE (Reuters) - Asian refiners are likely to take less oil from Saudi Arabia for July and buy more spot cargoes such as those from the United Arab Emirates after the world's top exporter unexpectedly raised prices and pledged to cut output, traders said on Tuesday. | 03:07am

Asian refiners are likely to take less oil from Saudi Arabia for July and buy more spot cargoes such as those from the United Arab Emirates after the world's top exporter unexpectedly raised prices and pledged to cut output, traders said on Tuesday.

SINGAPORE : Asian refiners are likely to take less oil from Saudi Arabia for July and buy more spot cargoes such as those from the United Arab Emirates after the world's top exporter unexpectedly raised prices and pledged to cut output, traders said on Tuesday.Saudi Arabia raised the July official selling

As Middle Eastern producers were thinking of formula prices for their cargoes loading in June, they did not necessarily see the scope of the macroeconomic headwinds that they were up against

The cut is less than the market expectation of 40 cents

Saudi Arabia, the world's top oil exporter, has cut the price of its June flagship crude to Asian buyers for the first time in four months, following a plunge in refining margins.

OPEC+ output cuts created an ideal scenario for Middle East producers to hike OSPs, but ongoing demand concerns could force them to cut prices in June

The price increase follows a production cut from OPEC+, which is expected to tighten the supply from the Middle East.

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