Aramco Ships Four Million Barrels to China via UAE Transfers

Saudi Aramco has sold at least four million barrels of crude oil to two Chinese refiners, PetroChina and Sinochem, for loading outside the Strait of Hormuz. The sale was made through private negotiations with some Asian refiners.

The world's largest oil exporter offered Arab Medium and Arab Heavy crude cargoes on Monday for loading through ship-to-ship transfers off Fujairah in the United Arab Emirates. PetroChina and Sinochem each bought two million barrels of the heavier Saudi crude grades at premiums, according to trade sources.