Asian Refiners News Today

Price cuts would typically draw higher demand, but some of the multiple sources said refineries had already completed purchases for February-loading cargoes and planned their production runs, leaving little room to lift more Saudi oil.

Asian Refiners: As a result, diesel prices are expected to fall, meaning Asias refiners face a second consecutive year of sliding profit margins for the fuel used in cars, trucks and power generators. In 2022, average diesel profit margins soared to an all-time high of USD 45 a barrel, as supplies from top exporter Russia were disrupted and global inventories sank to a record low.

Oil prices rebounded on Monday on hopes of increased fuel demand during China's May Day holiday and planned supply cuts by the OPEC+ alliance. However, refining margins in Asia have weakened, curbing the region's appetite for Middle East oil supplies.

Saudi Arabia, the worlds top oil exporter, raised prices for the flagship Arab light crude it sells to Asia for a third month in May after the OPEC group planned to further reduce their production by 1.16 million barrels-per-day from May to the rest of the year

Most Asian buyers halted Iranian oil imports in 2019 after former US President Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on Tehran's oil exports

Read more about Asia refiners face double blow to profits from Iran and Covid resurgence on Business Standard. The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline.

Saudi cuts April crude for some Asian refiners, maintains India supply: Sources SECTIONS Last Updated: Mar 12, 2021, 03:06 PM IST Share Synopsis The producer, however, has rejected Indian refiners requests for extra supplies in April, three Indian refining sources said. Getty Images Representative image Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15%, while meeting the normal monthly requirements of Indian refiners, refine...

Saudi Aramco cuts Feb crude supply to some Asian refiners 14th January, 2021 12:00:22 SINGAPORE: Top oil exporter Saudi Arabia has cut supplies of February-loading crude for some Asian buyer by up to a quarter while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day (bpd) in February and March under a deal between the O...

The step comes after Saudi Arabia pledged additional voluntary output cuts of 1 million barrels per day (bpd) in February and March under a deal between the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+.