Asian refiners display resilience to OPEC and its allies' renewed commitment to limit crude production and exports through early 2024. Major Middle Eastern suppliers, including Saudi Arabia and Russia, have pledged voluntary production cuts, but Middle Eastern producers maintain consistency in meeting the demand of Far East customers. Saudi Aramco and Abu Dhabi National Oil Co. ensure stable term contractual volumes, with no significant disruptions noted in December-loading crude oil nominations. The commitment to support oil prices is evident, and Middle Eastern suppliers recognize the importance of retaining trust and stability in their vital relationships with Asian customers. While OPEC+ maintains control over crude production levels, Asian countries, such as South Korea, Japan, China, and Taiwan, continue to receive steady supplies. Additionally, major refiners explore alternatives, with some opting for light sweet US crude amid attractive prices and a narrowing Brent-Dubai price spread.

SOURCE:GOOGLE