Saudi Arabia’s Possible Oil Supply Cut Rattles Refiners in Asia

SK Innovation predicts such action would drive up crude prices
Market disconnect may spur OPEC+ move, Prince Abdulaziz says

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals and OPEC+ may be forced to cut production. Su Keenan reports on Bloomberg Television.Source: Bloomberg

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By Sharon Cho and Serene Cheong

August 23, 2022 at 7:12 AM UTC

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A suggestion from Saudi Arabia that OPEC+ may cut oil output has startled refiners in Asia, with two warning such a move could lift prices and fan uncertainty at an already-difficult time for processors in the biggest crude-importing region.