Crude oil buyers in Asia are concerned that an unexpected cancellation of an OPEC+ meeting to discuss a rise in output could drive oil prices even higher and hurt their margins. They are now awaiting Saudi Arabia’s official selling prices (OSPs), which were delayed until after the OPEC+ meeting and set the tone for prices of a majority of Middle East crude sales to Asia, to assess the oil market’s direction. Brent crude oil prices rallied to above $77 a barrel, the highest since 2018, on Monday, after ministers of the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, called off oil output talks and set no new date to resume them. read more “The OPEC no decision and resulting high price will have short-term negative impact on Chinese refiners, as they will see margins pinched due to […]