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Since crude producers won’t take action to curb global oversupply, the world’s largest oil buyers are taking matters into their own hands.
Asia buys more oil than any other region while producing around 8% of the supply, and crude’s pricing collapse is forcing massive spending cuts from China to India, Bloomberg reports. The region’s top five producers—China, India, Malaysia, Indonesia and Vietnam—are planning to cut crude output by 255,000 barrels a day this year and 309,000 barrels a day next year, according to Energy Aspects.
This drop in production is good news for a market that is wildly oversupplied, but it doesn’t even come close to solving the problem entirely. That would require an output freeze, and while Saudi Arabia and Russia agreed to take steps to rebalance markets, the other largest producers are not yet on board. [Bloomberg]
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