Asia’s oil refiners, which account for around a third of the world’s fuel consumption, are considering alternative sources for crude oil. This shift comes as Saudi Arabia and Russia extend and deepen their supply cuts into August. These reductions, coupled with existing cuts and continued curtailments by other OPEC+ nations, will amount to approximately 3.1 mln barrels per day, about 3% of global consumption. Traders in Asia have noted an abundant supply from producers outside the OPEC+ alliance, such as in the US, West Africa, and the North Sea, to which they could turn if Asia is significantly affected by these latest cuts.