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Market Chatter: Aramco Makes Rare Spot Crude Oil Sales to Asia

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Saudi Aramco has sold at least 6 million barrels of crude oil to Asian buyers on a spot basis, deals which are rare compared to its usual sales through long-term contracts, Bloomberg reported Wednesday, citing traders with knowledge of the transactions.

The crude cargoes bound for South Korea, Japan, and China were reportedly priced against the regional Dubai and Oman benchmarks, instead of the official selling prices. Some cargoes were also offered on a delivered basis, sources told Bloomberg.

Saudi is ramping up crude production and exports following the disruption caused by the US-Iran war, with crude exports recovering to about 4.5 million barrels per day in June, the highest level since late February, according to the news agency.

Saudi Aramco did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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