Saudi Arabia exports 100 million barrels of oil to Asia

Saudi Arabia has sold approximately 100 million barrels of oil to Asian buyers since mid-last week, a move aimed at mitigating potential supply shortages in the region. The crude, scheduled for delivery in October and November, is being transported via the Strait of Hormuz.

Buyers include both state-owned and independent Chinese refineries, as well as refining companies in India, Japan, and South Korea. This surge in sales represents nearly one day of total global demand and more than doubles recent Saudi oil flows to Asia through the Strait of Hormuz.

The increased reliance on the Strait of Hormuz follows disruptions to the Saudi East-West Pipeline, which was affected by an attack on September 10 and is not yet operating at full capacity. Saudi Aramco is reportedly working to restore capacity to the pipeline and is managing logistics to ensure delivery to Asian clients. This shift comes as Asian refineries face high prices and as buyers seek alternatives to Iranian and Russian crude due to geopolitical risks and sanctions.