China Buys 26 Million Barrels of Middle East Crude After Saudi Price Cuts
Chinese buyers snapped up at least 26 million barrels of Middle East crude for July and August delivery, according to data from price-reporting agency Argus. The purchases were facilitated through tenders and one-off deals sourcing cargoes from Qatar, Saudi Arabia, the United Arab Emirates, and Iraq. This volume significantly exceeds recent purchasing patterns, which had slowed earlier in the year as shipping disruptions complicated logistics for regional buyers.
The buying acceleration followed Saudi Aramco's announcement that it would slash the official selling price for August delivery to Asia by $11 a barrel to a $1.50 discount against the Oman and Dubai benchmark. The steep discount, the deepest since mid-2020, was intended to help the kingdom regain market share. The move coincided with seven key OPEC+ members agreeing to increase production by 188,000 barrels a day starting in August, adding further crude to a market facing higher supply expectations.
From the sources (25 posts)
@firstsquawkOPEC+ tipped to raise quotas again as Middle East calms-ET
@iranintl_enOPEC+ has an agreement in principle to raise oil output quotas by 188,000 barrels per day in August, Reuters reported on Sunday, citing a source familiar with the group’s talks. Two other sources told Reuters an increase of that size was t
@firstsquawkOPEC+ has an agreement in principle to raise oil output quotas by 188,000 barrels per day in August, Reuters reported on Sunday, citing a source familiar with the group’s talks.
@financialjuiceOPEC+ agrees in principle to increase oil output targets by 188,000 bpd from August, OPEC+ source
@businessOPEC+ has a preliminary agreement for another modest oil quota increase in August, delegates said, raising the prospect of more supply eventually hitting the market again if a US-Iran peace pact can stick
@amena__bakrAnother 188k of unwinding of supply for August expected from the OPEC+ members with voluntary cuts #OOTT
@reutersOPEC+ set to approve another oil output increase, sources say
@financialjuiceSeven OPEC+ nations to boost oil output quotas by 188,000 bpd in August: statement
@staunovoSaudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman adjust production and reaffirm commitment to market stability #oott
@staunovoIn their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023
@staunovoThe countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to incre
@firstsquawk7 countries in OPEC+ decide to increase oil production by 188,000 barrels daily in August
@anasalhajjiHormuz is currently limiting the impact of these decisions by the group of 7 of OPEC+, but their full effects will become visible next year. For now, we’re waiting for Aramco’s OSPs.
@cnbcOPEC+ set to approve another oil output increase, sources say
@jackprandelliOPEC+ just added supply for August, while keeping every reversal option on the table. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will raise output by 188,000 bpd in August, from the April 2023 voluntary cuts tranche
@businessMajor OPEC+ members agreed another modest increase to their collective oil-production quotas for next month, adding to the prospect of more supply eventually hitting the market if a US-Iran peace pact can stick
@firstsquawkCRUDE OIL PRICES FALL AFTER OPEC+ AGREES TO RAISE PRODUCTION TARGETS Crude oil prices declined following the decision by OPEC+ to increase production targets, easing earlier supply concerns. The move signals higher expected global supply,
@cnbcOil slips after OPEC+ agrees to raise output targets
@wsjmarketsOil Falls, Weighed by OPEC+ Decision to Increase Output Again
@financialjuiceAramco cuts August Arab light OSP to Asia by $11/bbl to -$1.50
@financialjuiceAramco makes the biggest cut to main oil price since at least 2000
@zerohedge*ARAMCO CUTS AUG. ARAB LIGHT OSP TO ASIA BY $11/BBL TO -$1.50 *ARAMCO MAKES BIGGEST CUT TO MAIN OIL PRICE SINCE AT LEAST 2000
@staunovoSaudi Aramco cuts the official selling price (OSP) for Arab light for Asia by USD 11.00/bbl to USD -1.50/bbl versus the benchmark (Oman/Dubai average) for the month of August #oott
@javierblasSaudi Arabia slashes the official selling price of its flagship Arab Light, pricing the barrels for Asia delivery at **minus** $1.5 a barrel to the Dubai benchmark. It's the largest **discount** for Arab Light to Asia since mid-2020, when
@firstsquawkARAMCO MAKES BIGGEST CUT TO MAIN OIL PRICE SINCE AT LEAST 2000