FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Saudi Aramco Said to Shift to Spot Pricing to Boost Oil Sales in Asia

By

Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, offered spot pricing options to its Asian customers to boost its crude exports amid rising competition, Reuters reported Thursday, citing trade sources and shipping data.

The state-owned oil group used at least five supertankers to load 10 million barrels of oil from its Ras Tanura port in Saudi Arabia, which resumed operations on June 26, and shipped them through the Strait of Hormuz, with an estimated 6 million barrels of July crude headed for Asia, according to the sources.

Saudi Aramco did not immediately respond to a request for comment from.

(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.)

Related Articles

Equities

Viper Energy Closes Riverbend Acquisition

Viper Energy (VNOM) has completed the acquisition of the mineral and royalty interests owned by Riverbend Oil & Gas IX in a cash-and-stock deal, the company said late Wednesday.A subsidiary of Diamondback Energy (FANG), Viper Energy paid $337 million in cash and around 3.7 million shares of its Class A common stock, the company said.

$FANG$VNOM
Equities

Tsakos Energy Navigation Orders Second LNG Carrier at Hyundai Heavy Industries

Tsakos Energy Navigation (TEN) placed an order for a second LNG carrier at Hyundai Heavy Industries in South Korea, with delivery expected in Q1 2029.The first vessel is scheduled for delivery in late July and carries a minimum 10-year employment with a U.S. oil major, with extension options that might stretch the contract to 20 years, Tsakos said Wednesday in a statement.

$TEN
Equities

US Won't Renew Trade Pact With Mexico, Canada

US Trade Representative Jamieson Greer said Wednesday the US did not agree to renew the US-Mexico-Canada Agreement, or USMCA, in its current form."The United States will continue to engage with Mexico and Canada to address the Agreement's shortcoming and our trade deficits with these countries," Greer said.