Saudi Aramco boosts spot oil exports to Asia

Saudi Aramco has sold millions of barrels of oil on a spot basis to customers in Asia, a move that is unusual since the company typically sells oil through long-term contracts. The deals include the export of at least 6 million barrels to South Korea, Japan, and China, with deliveries on board three supertankers. This step comes as Saudi Arabia resumes loading oil from the Ras Tanura refinery and indicates an increased focus by producers in the region, as well as an effort to enhance faster shipment handling to support the oil market.

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