Saudi Aramco Shifts to Spot Pricing for Crude Oil to Accelerate Sales in Asia

Deep News09:01

According to trade sources and shipping data, at least five supertankers loaded with a total of 10 million barrels of Saudi crude oil from the port of Ras Tanura have departed through the Strait of Hormuz.

Concurrently, Saudi Arabia's state-owned oil company, Saudi Aramco, has switched to using spot pricing to expedite sales in Asia.

Following a nearly four-month suspension, Saudi Aramco resumed loading operations at the world's largest oil port, Ras Tanura, last Friday.

The company is increasing its shipments and dispatches to Asia, intensifying the supply glut in the spot market.

Multiple trade sources, who requested anonymity due to the sensitivity of the matter, stated that in addition to utilizing the tanker fleet of the national shipping company Bahri to transport crude, Saudi Aramco is also supplying crude oil to Asian customers at spot prices to attract demand amid heightened competition.

One of these sources indicated that Saudi Aramco has offered 6 million barrels of crude for July loading to its traditional Asian customers.

Another source noted that the price is "very attractive" for Chinese buyers.

Saudi Aramco declined to comment.

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