Saudi Aramco Accelerates Oil Sale

Saudi Aramco is moving toward selling millions of barrels of oil on a spot basis to clients in Asia, in an unusual move relying on shipments delivered directly to ports, amid pressure on oil prices resulting from increased production in the Gulf region. The company has successfully sold at least six million barrels to refining companies in South Korea, Japan, and China, with the shipments being delivered aboard giant tankers. This coincided with intensified production operations in the area, while Aramco declined to comment on the reports.

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