Asian refiners remain largely unaffected by OPEC and its allies' renewed commitment to production and export limits, as major Middle Eastern suppliers prioritize stable term contractual volumes for their customers in the Far East. Saudi Arabia and Russia, among others, have pledged voluntary production cuts through early 2024. Despite OPEC's firm stance, Middle Eastern producers, notably Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC), continue to fulfill monthly term supply contracts for Asian buyers without cuts. The stability in supplies reflects the importance of maintaining strong business relationships and meeting the demand of key customers in Asia, even as OPEC+ implements production constraints.

SOURCE:GOOGLE