Middle Eastern crude oil "flood" strikes! After three rounds of buying, Asian refiners can't handle it anymore. International oil giants and traders are absorbing excess supply.

According to the Wisdom Finance APP, the demand for Middle Eastern crude oil by Asian refineries has started to slow down after experiencing a buying spree in the past three weeks, with international oil giants and traders stepping in to take over some excess supply. Traders familiar with the situation said that after three consecutive rounds of bidding, Asian refineries have reduced their purchases from Abu Dhabi National Oil Company (Adnoc), and the fourth round of bidding ending this week is expected to show a similar trend. They added that international oil giants and trading companies including Shell (SHEL.US) and Vitol Energy Group have purchased more crude oil.