Saudis curb oil to China, Southern Asia as others spared

SINGAPORE (Jan 12): Saudi Arabia was said to cut February crude sales to China and southern Asian nations while largely sparing countries including Japan and South Korea, as it curbs supply as part of a deal between OPEC and other producers.

Two Southeast Asian refiners received cuts of about 30% from the world’s biggest crude exporter, according to two people with knowledge of the matter who asked not to be identified because the information is confidential. Reductions to a buyer in India were about 20%, one of the people said.

Overall term supplies to Asia for next month declined between 5 and 10%, according to one of the people. The reductions will primarily be focused on the medium and heavy oil varieties as the producer concentrates more on sales of lighter grades to stay in the battle for market share against US and African rivals.

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