Saudi Arabia’s oil giant Aramco has slashed by up to 30 percent its crude oil allocations to at least three buyers in Asia for June, compared to what customers had nominated, sources at refineries told Reuters on Thursday. The move by OPEC’s largest producer and the world’s top exporter signals that Saudi Arabia is trying to tighten the market in Asia, where demand has started to pick up after lockdowns were eased. Last week, Saudi Aramco raised the price for all its crude oil grades to all regions for June in a move that analysts see as the start of demand recovery. Earlier this week, Iraq, OPEC’s second-biggest producer and the least compliant member in all previous rounds of cuts, was said to have told some of its Asian oil buyers that it would not send the full contractual volumes requested for June. This could be a sign that […]