Saudi Arabia cut June crude prices for Asia

May 06, 2023

Asian refineries are suffering from sluggish processing margins due to high oil prices and oversupply of refined products. A smaller cut of the OSP may prompt some refiners to cut procurements or even lower operations this month. "May is a crucial month for Asian refiners as some already struggle to reach break-even in their balance sheet. Saudi Arabia also cut the June OSPs of other grades to Asia, with bigger trims than Arab Light. A number of Asian refiners have scheduled maintenance shutdowns in the second and third quarter, curbing feedstock demand and putting pressure on oil prices.

The source of this news is from Tuoi Tre News