Saudi, the world’s largest oil exporter, is increasing shipments out of the
Persian Gulf and has sold spot crude to Asian buyers, traders said. State-owned
ARAMCO has sold at least 6 mln barrels of crude to customers including South
Korea and Japan; the cargoes will be loaded on three supertankers. Middle East
producers lifting output have pushed regional crude prices sharply lower. ARAMCO
has resumed loadings at Ras Tanura, its main Persian Gulf export terminal.
Traders said such spot sales are highly unusual because ARAMCO typically sells
to term buyers at monthly official selling prices; the volumes will count toward
buyers’ annual contracted allocations.
