Asia Is Not Rushing To Buy Extra Crude Oil From Saudi Arabia

Higher Saudi prices for January, lower overall demand for crude amid the Omicron uncertainty, the Chinese crackdown on illicit practices at its independent refiners, and refinery maintenance season starting in late Q1 2022 have resulted in Asian refiners abstaining from extra Saudi crude supply for loading in January. Refiners in the world’s largest oil-importing region have not asked for additional supply from the world’s largest oil exporter, Saudi Arabia, above the term supplies under the long-term contracts, company officials have…