Asian oil buyers fret over margin impact of cancelled OPEC+ meeting

SINGAPORE: 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.