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Asian refiners to cut July Saudi oil imports after surprise price hike, output cut
Asian refiners are likely to take less oil from Saudi Arabia for July and buy more spot cargoes such as those from the United Arab Emirates after the world's top exporter unexpectedly raised prices and pledged to cut output, traders said on Tuesday. Saudi Arabia raised the July official selling price (OSP) of its flagship crude Arab Light to Asian buyers to a six-month high, a day after unilaterally volunteering to cut output by a further 1 million barrels per day (bpd) in July at the OPEC+ meeting on Sunday. Saudi's output would drop to 9 million bpd in July from around 10 million bpd in May, the biggest reduction ... (full story)