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Saudi Arabia Scheduled to Reduce Crude Allocations in October, Supports Brent Pricing.

Oil

Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 bpd, in line with its commitments to the OPEC supply reduction pact, Reuters reports. Despite rising demand and healthy refining margins in Asia, Saudi Aramco will cut supplies to Asia by 1.8M barrels in October, with most of the reductions affecting customers in Japan.