Saudi cuts oil exports to Reliance, HMEL

Reduces February term supplies of mainly heavy crude oil; part of the move to comply with Opec deal

Saudi Arabia has cut February term crude oil supplies to refiners in India and Southeast Asia, seeking to comply with an  Organization of the Petroleum Exporting Countries (Opec) deal, but it has held most of its exports to the rest of Asia steady for a second month, industry sources said on Wednesday.

State oil giant Saudi Aramco reduced February term supplies of mainly heavy crude to Indian refiners Reliance Industries and Hindustan Mittal Energy Ltd (HMEL), as well as to Malaysia’s Petronas, four sources familiar with the matter said.

Aramco has also cut oil supplies to another southeast Asian buyer