Top Oil Buyers Said to Seek More Saudi Crude Amid Disruption - Bloomberg:
Oil refiners in Asia are asking Saudi Arabia for more crude as the world’s top consuming region deals with supply disruptions from Iran to Venezuela, according to people with knowledge of the matter.
Customers are seeking additional cargoes for loading in June and July from OPEC’s biggest producer, the people said, asking not to be identified because the information is confidential. The requests are for supplies on top of what the refiners are due as part of term contracts with state-run Saudi Aramco, they said.
The scramble for shipments comes just as the U.S. tightens its squeeze on Iranian flows, with sanctions waivers for several buyers such as China and India coming to an end on Thursday. Unexpected disruptions to supply from Russia and Nigeria as well as turmoil in OPEC member Venezuela are also adding to fears of a crunch.
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