#Saudi Aramco Said to Give Extra Oil to Crude-Hungry Asian Buyers - Bloomberg

Saudi Aramco Said to Give Extra Oil to Crude-Hungry Asian Buyers - Bloomberg:

Saudi Arabia is set to supply more crude to oil-starved Asian refiners, and extract a heavy price for it.

State-run producer Saudi Aramco will sell additional cargoes to customers in the world’s biggest oil-consuming region for June loading, according to people with knowledge of the matter. The shipments will be on top of those scheduled under long-term crude contracts, they said, asking not to be identified because the information is confidential.

While the extra supplies will alleviate a squeeze driven by U.S. sanctions on Iran and Venezuela as well as unexpected disruptions from Russia to Nigeria, the refiners face a costly bill. Aramco raised its official selling price for June cargoes of its flagship Arab Light crude to the biggest premium to Middle East benchmark prices in 11 months. The cost of the Arab Medium variety was set at highest since December 2013, while Arab Heavy was increased to the most in over six years.