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After Saudi Arabia raised oil prices and signs of weakness in the spot market, buyers in Asia, the world's largest crude consumer, did not ask Saudi Arabia to increase supply
next month.
At least four Asian refineries asked Saudi Arabia to maintain previous supplies in January
, people familiar with the matter said.
When Saudi oil is considered cheaper than other comparable oils, or demand surges, buyers sometimes seek additional supply
beyond regular shipments.
In December, buyers were buying the same as usual
.
Morgan Stanley said crude oil contracts expiring in the first half of 2022 weakened
after OPEC+ members unexpectedly announced production increases next month.
In the spot market, spreads were weighed
as some of Russia's ESPO crude failed to find a buyer, while ONGC sold a shipment of Sokol oil to be loaded in February at the lowest premium since September.
According to traders involved in the market, the profit from converting crude oil into fuel has little positive impact
on spot crude purchases that will come after the winter peak demand period.
Spring refinery repairs also typically begin in March, when these spot shipments arrive
.
Other Middle Eastern suppliers, including Kuwait and Iraq, will announce official selling prices in the coming days, and spot trading will become more active
.
