The CEO of the massive state oil company Saudi Aramco told an industry gathering this week that large oil buys from China and India are keeping oil fundamentals “sound” for the remainder of 2023, despite price pressures among traditional clients.
This comes as Saudi Arabia also announced cuts in oil shipments to the U.S. and Europe, aimed to drive up global prices. Targeting the U.S. is in part aimed at reshaping global oil prices because (unlike China) U.S. oil buys are reported weekly, which means price fluctuations reverberate through the global market immediately.
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