DMEA: Saudi Aramco to reduce supply of oil to China, India

Saudi Aramco is set to reduce its supply of crude oil to customers in China and India due to upcoming oilfield maintenance, according to comments made by five sources on March 11.

The plans for reduction come following a decision by the Organisation of the Petroleum Exporting Countries and their allies (OPEC+) to extend voluntary oil output cuts of 2.2mn barrels per day (bpd) into Q2 in early March, due to benchmark prices remaining range-bound – mostly due to expectations of weak demand growth and extra supply from non-OPEC producers that are able to meet most upcoming demands in 2024.