Saudi Arabia, spearheading OPEC’s quest to eliminate a crude glut, will cut the amount of oil it allocates to one European refining company by about 20 percent, a person with direct knowledge of the matter said. The restriction, imposed by state oil company Saudi Aramco, will be applied to next month’s supplies, the person said, asking not to be identified because the information is private. It offers a clue about how the kingdom’s planned supply curbs will play out geographically. Separately, Iraq’s state oil marketing company will tell customers to expect reduced volumes next month, a second person said. The Organization of Petroleum Exporting Countries surprised oil markets at the end of November by clinching a deal to limit its collective output by about 1.2 million barrels a day and then enlisting non-member nations to join the effort. The focus of Saudi Arabia’s own cuts was outside of Asia […]