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Saudi Oil Cuts See Top Buyers Looking at Crude From Elsewhere
Asia’s oil refiners, responsible for meeting about a third of the world’s fuel consumption, are getting ready to go elsewhere for crude should Saudi Arabia and Russia’s latest pledged output cuts deprive them of barrels. The two producer countries said on Monday that they will prolong and deepen output cuts into August. Along with reductions they already made, and ongoing curbs by other nations in the OPEC+ alliance, total supply curtailments will amount — on paper at least — to 3.1 million barrels a day, or about 3% of global consumption. Traders in Asia said there’s a plentiful supply of barrels from ... (full story)