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Major state-run and private refiners across Asia are planning to trim their term crude oil purchases but conduct more spot market trades in 2022 in an effort to flexibly manage both global demand and supply risks that could emerge and evolve during the prolonged coronavirus pandemic. Refiners across Northeast, Southeast and South Asia were generally ...
South Korea’s imports of US crude oil are estimated to have to surpassed 120 million barrels in 2021, and the country is expected to maintain its top Asian US crude buyer status in 2022 as local refiners greatly favor North American feedstocks due to uncertainties over OPEC supply and attractive procurement costs. The country’s major ...
Top oil exporter Saudi Arabia may implement deep price cuts for the crude it sells to Asia in February after Middle East benchmarks and spot prices slumped this month, industry sources said. The producer is expected to cut official selling prices (OSPs) of all grades by more than $1 in February from the previous month, ...
Asia's demand is set to slow as refineries prepare for seasonal maintenance in the second quarter
South Korea’s crude oil imports in November rose 14.2% from a year earlier, as local refiners raised crude throughput to meet improved consumer fuel demand, but spot crude cargo purchases for Q1 2022 could slip if Seoul reimposes COVID-19 restrictions for a prolonged period of time, refining industry and trading participants said Dec. 21. The ...