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
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.
By contrast, the United Arab Emirates was allowed to raise output targets by around 200,000 bpd to 3.22 million bpd, keeping supplies from Abu Dhabi National Oil Co ample in Asia. The price for Saudi's Arab Extra Light crude is about $1 a barrel higher than the OSP for similar quality Murban, the trader said.
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