Overview of Important Overnight Developments on March 24
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Saudi Arabia’s oil shipments to Asia surged to nearly 100 million barrels, with Aramco proactively covering transportation and delivering directly to China, India, and Japan-South Korea: Supply shortage expectations meet the reality of correction.
According to reports, since the middle of last week, Saudi Arabia has sold approximately 100 million barrels of crude oil to China, India, Japan, and South Korea, with delivery periods covering October and November. At the same time, Saudi Aramco has made a rare commitment in these transactions to handle logistics and transportation, delivering the crude oil directly to Asian customers. Previously, due to soaring oil prices, Asian refineries had been considering reducing operating rates. This large-scale supply has to some extent mitigated the supply risks faced by Asia.
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