Saudi Oil Sales to China Jump After Prices Cut to Five-Year Low

qsbf2vi)juslgt}uv4sg00cb_media_dl_1.png AramcoArticle content(Bloomberg) — 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.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentState 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.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentAramco 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.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentIndian 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.Article contentThe 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.Article contentSouth 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.Article contentAramco didn’t respond to a request for comment.Article contentOil 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.Article contentIraq’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.Article contentTrending Carney Plots 'Buy Canada' Defense Strategy to Unlock Billions in Investment PMN Business Stellantis Canada CEO says sale of Ontario battery plant was due to poor EV demand Commodities Subscriber only. Donald Trump plans to roll back tariffs on steel and aluminium goods Subscriber only Financial Times 'Escape hatches are gone': Power of sale listings surge in Toronto Real Estate Subscriber only. These are the TFSA and RRSP tricks that can make you a fortune Subscriber only Personal Finance Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Carney Plots 'Buy Canada' Defense Strategy to Unlock Billions in Investment PMN Business Stellantis Canada CEO says sale of Ontario battery plant was due to poor EV demand Commodities Subscriber only. Donald Trump plans to roll back tariffs on steel and aluminium goods Subscriber only Financial Times 'Escape hatches are gone': Power of sale listings surge in Toronto Real Estate Subscriber only. These are the TFSA and RRSP tricks that can make you a fortune Subscriber only Personal Finance