Economics
World’s Biggest Crude Buyers Make Cuts the Oil Giants Won’t
- Top five Asian suppliers forecast to cut more than 8% by 2017
- Saudi Arabia, Russia pledge to cooperate; fall short of action
Are Oil Prices Poised to Go Higher Next Year?
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As the world’s biggest crude producers stop short of taking action to address the global oversupply, output cuts by their largest customers are helping to mop up the glut.
While Asia buys more oil than any other region, it also accounts for about 8 percent of supply and has been cutting back as crude’s collapse prompts a wave of spending reductions from China to Malaysia. Shrinking domestic production will mean a greater need for imports that may help support global oil prices.