Buyers recalibrate oil import plans in wake of surprise OPEC+ supply cut

Models of oil barrels and a pump jack are displayed in front of a stock graph in this illustration. - Reuters

THE pain of high global crude prices and tighter supply is the last thing major oil importers in Asia and elsewhere want at a time when many import-dependent economies are witnessing a fragile recovery after years of pandemic-hit growth.

But the unexpected production cuts announced by OPEC and its allies in early April have brought those fears to the forefront.