Saudi Aramco reduces volume of crude it will supply to Asia – Reuters

Dhwani Mehta FXStreet

Citing four unnamed sources, Reuters reports that the world's largest oil exporter, Saudi Arabia’s Aramco, has cut August heavy crude supply for some Asian refiners.

Additional details

The cuts are at least four buyers in Asia.

The cuts are mainly for Arab heavy crude.

Market reaction

Despite the supply cut news, the black gold fails to benefit, with the US oil down 0.80% to test the 40 mark while Brent oil drops below $43.

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Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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