Global oil market reports, that Saudi Arabia is rapidly losing sales in Asian markets. reported, that in June the refineries of Asian importers of Saudi oil will receive a third less raw materials, what they get in normal mode.
It takes place on the background of the, that Saudi Aramco has begun raising selling prices for oil and petroleum products for foreign buyers. However, company management is faced with, that potential buyers are not willing to pay more, and therefore refuse transactions in the previous volumes.
This gave experts an opportunity to talk about, that players appear in the Asian market, ready to intercept those segments of it, which previously matched shipments from Saudi Arabia. Iraq is called one of these countries.. He is generally called one of the most unyielding signatories of the OPEC + deal. (or OPEC ++).
In the West, the situation is described as “panic shopping”. In particular, Refineries in Southeast Asia, China and India are trying to slightly increase the volume of purchases, even against the background of, that the vaults are filled with more than 80%. Procurement Growth Associated With, what is profitable, as long as the price of oil is still low. In other words, buyers fear, that they may lose the opportunity to save due to the projected long-term increase in prices for "black gold".
by the way, growth continues. Currently, a barrel of Brent crude is trading in the range 32,2-32,6 dollars. These are the highest rates with 6 May, to which the average price level for a long time did not rise above 22-25.
Decline in oil purchases from Saudi Arabia oil refineries in Southeast Asia, India and China are called “lost by the Crown Prince of the oil war”. experts believe, that oil prices fell precisely because of the decision of Crown Prince Mohammed bin Salman to increase production volumes and the initial refusal to renew the OPEC +. Riyadh is now faced with problems in selling desired volumes of oil.
