Saudi Arabia’s crude sales to top importer China for loading in March rose after the kingdom cut the price of its main oil grade for buyers in Asia to the lowest level in more than five years.
State oil producer Saudi Aramco will provide around 56 million to 57 million barrels for loading next month to China, according to traders familiar with the sales, who asked not to be identified due to the sensitivity of the matter. That compares with 48 million barrels the previous month.
Aramco trimmed the price of Arab Light to the lowest level since late 2020 as concerns over a global glut persist, though the reduction wasn’t as much as expected. Still, the cut has made Saudi crude more attractively priced than competing barrels from other spot sellers in the region, traders said.
Indian refiners, meanwhile, will receive at least 1 million barrels more in March than they would typically under long-term contracts, according to traders. That compares with at least 2 million barrels more in February.
The South Asian nation has faced US pressure to reduce its imports of Russian oil, with President Donald Trump recently saying India would halt buying as part of a trade deal. New Delhi hasn’t publicly commented on the claim but has said it’s seeking to diversify its sources and maintain energy security.
South Korean and Japanese refiners are also set to collectively get more Saudi oil than usual next month, traders said, though it wasn’t immediately clear how that compared to February, which was at least 9 million barrels higher.
Aramco declined to comment.
Oil exports next month may also be higher from Iraq — OPEC’s second-biggest producer — which markets its oil differently from Aramco. Saudi crude is only sold via long-term contracts, while Iraq and other nations have part of their exports sold on a spot, or ad-hoc, basis rather than purely on term deals.
Iraq’s allocation of so-called destination-free cargoes — volumes which can be freely traded, rather than being committed to a specific destination — was larger than usual for March, according to traders. That flexibility may attract more interest from some buyers.
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