Saudis ship U.S. oil to Taiwan as China shuns American crude

Top OPEC member Saudi Arabia is shipping U.S. crude produced in the Gulf of Mexico to Asia at a time when No. 1 buyer China is snubbing American cargoes.

Photo: /ritzau/Hassan Amar/AP

The trading unit of state-run Saudi Aramco sold about 1 million barrels of U.S. Mars crude to Taiwanese refiner Formosa Petrochemical Corp. for delivery in September-October, according to traders with knowledge of the matter. That follows shipments of oil pumped at shale fields to markets such as South Korea, as the kingdom seeks to capitalize on an American boom that’s threatened the share of its own supply in Asia.

The latest cargo stands out from previously reported deals because Mars is a crude grade that’s of the so-called “medium-sour” variety, which typically has a higher sulfur content than “sweet” supply from shale fields.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Further reading

Related articles

Latest News

See all jobs