Saudi Aramco Sells Four Million Barrels of Crude to Chinese Refiners

Saudi Aramco has recently sold at least four million barrels of crude oil to two Chinese refiners for loading outside the Strait of Hormuz. The sale was made through private negotiations with Asian refiners, and the cargoes were offered on Monday for loading through ship-to-ship transfers off Fujairah in the United Arab Emirates.

The world's largest oil exporter has been selling the heavier Saudi crude grades, including Arab Medium and Arab Heavy, to PetroChina and Sinochem. Each of these companies purchased two million barrels at premiums, according to trade sources.

This development comes as Saudi Aramco resumed oil loading from inside the Strait of Hormuz last week and has more tankers waiting to load.