Saudi Arabia Cut Oil Supply!

Saudi Arabia Cut Oil Supply!

Saudi Arabia has cut its supply to some buyers by up to 40 percent due to OPEC's decision to extend oil shortages. OPEC's decision to extend production cuts by July has led Saudi Arabia to cut the crude oil supply to 7 refineries in Asia next month. According to officials, the amount of crude oil to be bought by the 7 buyers mentioned in July was reduced by 10 to 40 percent. Authorities reported that some South Korean processors, which had not been curtailed last month, will have a serious cut in the amount of production they want. Japan will be able to receive the full amount demanded next month after the cut in June. In the past days, OPEC + decided to extend the cuts for another month to contribute to the return of the oil market. After the coronavirus measures were stretched, China led the recovery in Asian oil demand. In addition, it is said that the recovery in the region cannot be expected to be at the same pace for each point.