The cut in prices to Asia reflect weak demand, while OSPs to Europe and the United States reflect oil market fundamentals and the global supply cut pact, an industry source familiar with the pricing process told Reuters.
Then on Tuesday morning, Saudi Aramco again cut official selling prices of all four grades to new record lows from Egyptian port of Sidi Kerir for May, in line with big cuts in prices for other customer regions, with some grades sold at a discount of as much as $10.95/bbl:
https://www.investing.com/economic-calendar/api-weekly-crude-stock-656
Latest Release Apr 14, 2020 Actual 13.143M Previous
| Release Date | Time | Actual | Forecast | Previous | |
|---|---|---|---|---|---|
| Apr 14, 2020 | 16:30 | 13.143M | 11.938M | ||
| Apr 07, 2020 | 16:30 | 11.938M | 9.300M | 10.485M | |
| Mar 31, 2020 | 16:30 | 10.485M | -1.250M | ||
| Mar 24, 2020 | 16:30 | -1.250M | -0.421M | ||
| Mar 17, 2020 | 16:30 | -0.421M | 6.407M | ||
| Mar 10, 2020 | 16:30 | 6.407M | 1.690M |
https://www.oilandgas360.com/india-plans-to-fill-strategic-oil-storage-by-the-third-week-of-may/
India is moving the oil to the SPR to help the country’s refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19, the respiratory disease caused by the new coronavirus, has dented transportation and industrial fuel consumption in Asia’s third-largest economy.
India’s fuel demand in March declined by 17.8%, the lowest in over two decades.