ISTANBUL
Saudi Aramco has made rare spot crude sales to Asian customers as shipments from the Gulf region continue to recover following weeks of disruption caused by the US-Iran conflict, Bloomberg reported Wednesday, citing traders familiar with the matter.
The state-controlled Saudi oil giant has sold at least 6 million barrels of crude to buyers in South Korea, Japan and China, according to the report. The cargoes are expected to be delivered on three supertankers.
The move is considered unusual because Aramco normally sells crude through long-term contracts at official selling prices set monthly, rather than through spot transactions.
The purchased shipments will count toward customers’ annual contractual volume obligations with Aramco.
The sales come as Gulf producers restore shipments after the conflict sharply disrupted maritime traffic and energy exports in the region. The Strait of Hormuz, one of the world’s most critical oil transit routes, had been at the center of market concerns during the confrontation, with traders closely watching supply flows from Saudi Arabia, the United Arab Emirates, Qatar, Iraq, Kuwait and Iran.
Some of the barrels were offered on a delivered basis and priced against the regional Dubai and Oman benchmarks, traders said.
Across the Middle East, producers have been ramping up output and exports, putting pressure on regional crude prices. Saudi Arabia has also resumed loadings from Ras Tanura, its main export terminal inside the Gulf.
Other regional producers have also moved to restore shipments. Abu Dhabi National Oil Co. has been among the most active spot sellers, offering tens of millions of barrels through tenders.
ADNOC has also proposed indexing its official selling prices to the Dubai benchmark.
