Oil refiners have found themselves caught out by a surprise Saudi-led move to spearhead an OPEC+ production cut, and are now preparing to diversify purchases in the spot market if needed.

The shock decision from Riyadh and some of its partners came just before the release of Saudi Aramco’s official selling prices, or OSPs, for May crude sales. Term buyers of Saudi crude expressed some concern about their ability to get the volume and type of oil they want from Aramco next month after the announcement of a 500,000 barrel-a-day curb by the kingdom.

Bloomberg