Asian crude buyers are likely to turn more to the spot market for cargoes after Saudi Arabia reduced pricing of its key grade by only half the amount forecast in a Bloomberg survey. At least two customers receiving the kingdom’s contractual supply said they’re considering reducing their intake for January loading, according to refiners and traders involved in the market. More refiners are likely to snap up physical cargoes from the Persian Gulf spot market where prices have fallen sharply this week.

Asian Buyers Baffled by Saudi Prices