Business | Oil & Gas
Asian buyers not notified of supply cuts
Asian buyers of Opec crude received no notices this week of any further supply cuts following the group's agreement last week to make its largest output reduction on record to stem oil's slide, lifters said on Wednesday.
- Reuters
- Published: 23:29 December 24, 2008
Tokyo: Asian buyers of Opec crude received no notices this week of any further supply cuts following the group's agreement last week to make its largest output reduction on record to stem oil's slide, lifters said on Wednesday.
Top producer Saudi Arabia, which sells more than half of its crude to Asia, preempted Opec's decision by informing some customers two weeks ago of modestly sharper curbs than for December. But many refiners expected more to come, especially from other Gulf producers who have not deepened cuts.
"We have not received any notices," said one North Asian refiner.
With time running out to take action on cargoes that will begin loading in a week's time, a second lifter hoped Opec producers would not conduct cuts to revive crude prices.
Fixed loadings
"I do not think there will be cuts," a source with the lifter said.
"If there were, it would be troublesome because we could not deal with it. Many refiners should have fixed the ship loadings by now."
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