Saudi Arabia will cut oil supplies for nine buyers from Europe and Asia. It has happened after the kingdom voluntarily agreed to cut production by one million barrels per day in February and March.

The decline in supplies coincided with a decline in demand for crude oil in Asia. Some Asian refineries will receive 20-30 percent less oil from state-owned Saudi Aramco in February than expected. No any deliveries to Europe are planned in February at all. Aramco raised raw material prices for buyers from Asia and the United States in early January this year.

Earlier it was reported that Russia and Kazakhstan are going to increase oil production in February and March due to the share of Saudi Arabia. This agreement was reached by the OPEC+ countries.