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Saudi Arabia releases 100 million barrels to ease Asian oil shortage
Saudi Arabia announced the sale of approximately 100 million barrels of oil to Asian buyers since mid-last week, aiming to avoid supply shortages in the region during October and November. These significant sales came to compensate for the disruption of the East-West pipeline after an attack in September, which led to increased exports through the Strait of Hormuz. The sales targeted refineries in China, India, Japan, and South Korea, with increased shipments from the Arabian Gulf to ensure supply stability amid concerns over declining production in Iran and Russia.
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