Saudis cut oil flows to China while meeting most Asian requests | World News

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Japan, South Korea, Thailand and India get the amount of oil they want, some even get extra supplies, according to refinery officials who have asked not to be identified because the information is private.

Saudi Arabia will provide some Chinese buyers with less crude than they asked for next month, but OPEC will cater to many other consumer requests in Asia after promising to accelerate production growth.

Japan, South Korea, Thailand and India get the amount of oil they want, some even get extra supplies, according to refinery officials who have asked not to be identified because the information is private. State-run marketing Saudi Aramco generally does not provide buyers a reason to cut volumes.

Aramco did not immediately respond to an email seeking comment on the matter.

During the so-called nomination process this week, many Asian buyers asked Aramco for more oil because they sought alternatives to Russian varieties. China and India have continued to be big buyers of Russian crude oil since the invasion of Moscow and Ukraine, enjoying deep discounts for willingness to import grades like the major Urals and ESPO from the Far East.

July’s supply of Saudi oil was sought by many, especially Asian ones, with strong processing margins. Despite higher prices than expected from the Kingdom, buyers are still finding its goods more affordable than arbitrage supplies from the North Sea and the US after the fall in benchmark prices compared to the Middle East and London and US markers.

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