MAYASIA BUSINESS OUTLOOK9Several knowledgeable sources indicated on Wednesday that Saudi Aramco has assured customers in North Asia that they will receive the full amounts of crude oil they have ordered in June.However, the sources claimed that several Chinese refiners had asked for lower supply levels in June.Unknown is how much less crude the Chinese refiners requested in June. Two of the sources predicted a decrease of up to five million barrels from May.Saudi Aramco cut its official selling prices for all crude grades to Asia for June-loading cargoes amid lower refining margins. But the price reduction was less than the market expected.The falling profit margins have prompted refiners to seek cheaper oil from other suppliers such as Russia, or even consider lowering operational rates.China is stepping up procurement of discounted Russian oil, with more private mega refineries joining the cargo sweeping, and is taking bigger share of the medium sour Urals market which was dominated by Indian refiners.The overall full supply volumes come even as the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, announced output cuts of 1.16 million barrels per day (bpd) starting from May for the rest of the year. NEWSROOMSAUDI ARAMCO TO SUPPLY FULL OIL VOLUMES OF CRUDE OIL TO ASIAAs spending in the services sector offset weak corporate activity, Japan's economy likely expanded at the quickest rate in three quarters between January and March, according to sources.Due in part to the services sector's catch-up recovery after Japan's delayed reopening from the COVID-19 outbreak and the central bank's continued ultra-loose monetary policy, the country has so far avoided suffering significant effects from the worsening global economic conditions.As per to the median of 17 expert forecasts, the first three months of 2023 saw the third-largest economy in the world grow by an annualised 0.7 percent. This expansion would follow growth of just 0.1 percent in October­December and would be the fastest since the 4.7 percent of April­June 2022.A national travel subsidy and loosened border controls (for international visitors) helped boost service demand, according to senior economist Saisuke Sakai of Mizuho Research and Technologies, "while accelerating inflation and a slowing global economy have brought downward pressure".According to experts surveyed by Reuters, private consumption, which comprises the majority of Japan's gross domestic product (GDP), likely increased by 0.4 percent in January-March as opposed to just 0.3 percent in the prior quarter. A flurry of local and foreign tourists helped to maintain overall consumption growth even while spending on products has slowed due to a four-decade high inflation rate. JAPAN GDP GROWTH LIKELY INCREASED IN Q1 ON ROBUST SERVICES CONSUMPTION
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