Related Articles
Forward article link
Share PDF with colleagues

A new Saudi marketing technique

Aramco dips into the wild world of the spot market

SAUDI Arabia has been ripping up its own rulebook. In April, the kingdom sold a cargo on the Asian spot market to one of China’s independent refineries – the “teapots”. Throughout Ali al-Naimi’s tenure, the kingdom only sold to blue-chip buyers, and rarely on the spot market. The 0.73m-barrel cargo will be lifted from an Aramco facility in Japan’s Okinawa prefecture and shipped to Shandong, according to reports. It was sold to Shandong Chambroad Petrochemicals at a differential to the Oman/Dubai benchmark crude, though the exact price is unknown. It signals that the kingdom is expanding beyond its state-owned customers, catering for new buyers who want more flexibility. It’s also a recogni

Also in this section
The IEA is now much more bearish on 2018 than Opec
15 December 2017
The latest forecasts from the IEA and Opec offer very different pictures of the oil market next year
Opec: The rollover
14 December 2017
The cuts were extended—but with a built-in escape hatch and implicit threat to other producers
Opec's Venezuelan supply problem
8 December 2017
It's hard to see how the Opec-non-Opec agreement would survive a steep decline in Venezuelan oil output in 2018