Asian Refiners

Most Asian buyers halted Iranian oil imports in 2019 after former US President Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on Tehran's oil exports

Easing concerns about the impact of new coronavirus variant Omicron on Asia's fuel demand are also supporting Asian refiners' margins, trade sources said.

The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline.

Saudi Arabia has pledged to continue with an extra 1 million barrels per day voluntary output cut for a third month in April

Saudi Arabia has cut supplies of February-loading crude by 10% for at least two Asian buyers while meeting requirements of at least three others, several refinery and trade sources said

A near doubling in oil prices from January has also pressured margins, or the amount of profit a refinery makes on processing crude