Saudi Arabia’s biggest customers in Asia are considering diversifying their supplies of oil and preparing to refine heavier grades of crude following attacks that knocked out half of the kingdom’s production causing an oil price spike.
Most of Saudi Arabia’s exports go to Asian countries and the region has limited oil supplies of its own, raising fears that had higher oil prices maintained that it would lead to higher inflation and current account deficits at a moment when growth has already slowed because of trade friction between the US and China.
Japan, China, South Korea and India are all among the top five destinations for Saudi Arabian oil.
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