Asian buyers accelerate Saudi oil imports
Sources told Reuters that several Asian refineries have purchased spot shipments of Saudi oil for November from the free market, as part of a strategy to avoid risks associated with the Strait of Hormuz and to increase exports through alternative routes. It was observed that Chinese refineries and independent brokers acquired approximately 12 million barrels of Saudi oil at premiums nearing $20 per barrel above official prices, with some buyers continuing to prefer avoiding ships passing through ports inside the strait. Saudi Arabia is handling an increase in its exports to the highest level in seven months and has set its official selling price for Light Arab Crude at a $5 per barrel discount to stimulate demand, especially amid rising shipping costs.
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