RIYADH: Some Asian buyers are keen to buy more Saudi Arabian crude, even after the Kingdom which is the world’s biggest exporter of oil hiked the prices, Bloomberg reported citing company officials familiar with the matter.
According to these company officials, who wished to stay anonymous, at least two refiners intend to ask for more July-loading volumes.
The report added that most of Saudi Arabia’s long-term customers from Asia are expected to take their full contracted supply as refining profits have surged.
According to the Bloomberg report, several Asian nations like Japan and South Korea will be more keen on Saudi Arabian oil, as these countries have already shunned Russian oil following the Ukrainian invasion.
Even though India and China are willing buyers, some Chinese processors are expected to take Venezuelan and Iranian flows.
The report further added that refineries are expected to submit requests for July volumes from Saudi Arabia by Monday, and they will be informed about their allocations by the end of this week.