Saudi Arabia will deliver crude oil in full to at least 4 Asian buyers in June

China Petroleum and Chemical News.

Saudi Arabia’s National Petroleum Corporation (Saudi Aramco) and its Asian buyers use standard contracts.

Earlier this year, Saudi Aramco said it would increase crude oil shipment prices for Asian buyers, a move that angered the Indian government.

However, according to Reuters, some buyers from Asia have refused to increase their crude oil purchases in June.

In terms of oil revenue, due to rising oil prices, Saudi Aramco has recovered, and Saudi Aramco reported a 30% jump in its net profit in the first quarter.

Although oil prices have improved, the Saudi state-owned energy giant has been looking for ways to support its financial situation when oil prices continue to fall.

The measures taken so far by Saudi Aramco include the issuance of bonds, the sale of 49% of its pipeline business to a consortium led by EIG Global Energy Partners for $12.

Li Jun compiled from the oil price network

The original text is as follows:

　　Saudi Arabia To Ship Full Volumes To Asian Oil Buyers

　　Saudi Arabia will export full crude oil volumes to at least four Asian clients next month, Reuters has reported, citing unnamed sources familiar with the situation.

　　Saudi Aramco and its Asian buyers use standard contracts, under which either side can trim or boost orders by a margin of 10 percent above or below the originally stipulated amounts depending on demand and supply.

　　Earlier this year, Aramco angered the Indian government after it said it will raise prices for crude oil shipments for Asian buyers as it continued to keep a heavy cap on its oil production.

　　According to Reuters sources, however, some buyers from Asia have refused to increase their volumes for June and preferred to buy other crude grades similar to Saudi Arabia's Arab Light on the spot market, where prices were lower.

　　But Saudi has since recovered thanks to higher oil prices, with Aramco reporting a 30-percent jump in net profits for the first quarter.

　　Despite the improvement in prices, the Saudi state energy company has been looking for ways to shore up its finances amid the prolonged depression in oil prices despite the rally in recent months after it booked a 50-percent slump in net profits for 2020.

　　Steps taken so far have included debt issuance, a 49-percent stake sale in its pipeline business to a consortium led by EIG Global Energy Partners for $12.