Another red flag for 2025 oil balance: Asian refiners mull cutting term crude volumes

Negotiations between Asian refiners and Middle Eastern oil producers over 2025 term supplies are reaching a boiling point, with just a month left to finalize deals. Market chatter indicates refiners are pushing for steep cuts to next year’s liftings. While this could be a strategic play by buyers aiming for better terms, it also reflects expectations of a supply glut in 2025 and the potential for a price war among producers.