Asian refiners call on Saudi to cut oil prices further in May

Asian refiners have called on Saudi Arabia to slash the official selling prices (OSP) of its crude for a third straight month in May, after Middle East benchmarks and refining margins dropped amid ample supplies and lower demand due to the coronavirus. Last month, the world’s top exporter Saudi Arabia surprised everyone by slashing prices for April, after OPEC’s supply-cut pact with Russia fell apart, sparking a battle for market share and sending oil prices to 18-year lows. Markets globally are now flooded with cheap oil with storage spaces filling up fast, while refiners cut output or shut …read more

Source:: Yahoo Finance


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