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OIL: Saudi Crude Allocation to China Dips to 41mbbl in March

OIL
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Saudi Aramco will supply approximately 41mbbl of crude oil to China for March loading, according to Bloomberg sources.

  • Exports are down from allocations for February reported as 43-44mbbls.
  • Earlier this month, Saudi Arabia sharply increased the crude premium to customers in Asia, Europe and the US amid surging premiums of Middle East crude.
  • Aramco raised the price of its Arab Light crude to Asia for March by $2.40 to $3.90/bbl above the Oman/Dubai benchmark average, the largest increase since August 2022.
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Saudi Aramco will supply approximately 41mbbl of crude oil to China for March loading, according to Bloomberg sources.

  • Exports are down from allocations for February reported as 43-44mbbls.
  • Earlier this month, Saudi Arabia sharply increased the crude premium to customers in Asia, Europe and the US amid surging premiums of Middle East crude.
  • Aramco raised the price of its Arab Light crude to Asia for March by $2.40 to $3.90/bbl above the Oman/Dubai benchmark average, the largest increase since August 2022.