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

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.

Close Story

Is it time to read?

Try Quickreads


  • IAEA Director General Rafael Mariano Grassi speaks at a news conference on the developments related to the IAEA's monitoring and inspection work on June 9, 2022 in Vienna, Austria, Iran.  (REUTERS / Lisa Leutner)

    UN Nuclear Watchdog: Iran Removes 27 Surveillance Cameras

    Iran’s decision comes after the IAEA board condemned Tehran for failing to provide “credible information” on man-made nuclear material found at three unannounced sites in the country.

  • On June 8, 2022, Berlin's Mayor Franziska Giffe visited a crime scene in which a car crashed into a crowd of people near Breitscheidplatz in Berlin, Germany.  (REUTERS / Annegret Hilse)

  • The car crashed into a crowd on a road west of Berlin, Germany's capital.  (For the purpose of representation)

    Driver pedestrian collides in Berlin, Germany 1 death and 9 injured

    Police spokesman Tilo Cablitz said the man chased people to a street corner around 10:30 am and then crashed into a shop window around the block before returning the car to the road. Six people had fatal injuries and three were seriously injured, fire service spokesman Adrian Wentzel said. More than ten people were injured, police said.

  • Socorro Police Chief David Burton said partygoers said the shootings had taken place after an altercation between the two groups.  (iStockphoto)

    5 teenagers injured in gunfire at a West Texas house party

    The teenager, aged 16 to 18, was injured Saturday morning at 1 a.m. in the town of Socorro, on the Mexican border near El Paso, Socorro Police Chief David Burton said. About 100 people were there. Non-partisans said the shootings took place after an altercation between the two groups, Burton said.

  • On May 21, 2022, a worker pours a pint of beer at a pressure drop brewery in north London.  (Photo by Justin Tallis / AFP)

    London beer prices are more than £ 8 a pint for the first time, the FT reports

    The average price of a pint of beer in Britain has risen from £ 2.30 in 2008 to £ 3.95 this year, the FT quoted the CGA. According to the newspaper, pubs may need to raise the price of barley to make beer jumps with the pressure from the war in Ukraine.

Leave a Comment