Saudi Crude Sales to Asia Soar as Kingdom Eases Oil Crunch

Saudi Arabia has eased the looming oil supply crunch in Asia by selling nearly 100 million barrels of crude to Asian buyers since mid-last week. The country's state-owned refiners, as well as independent processors in China, India, Japan, and South Korea, have been among the buyers, according to traders familiar with the matter.

The crude for delivery in October and November will be sent via the Strait of Hormuz, which has become a critical route for Saudi oil exports following an attack on its key bypass pipeline. The kingdom's crude shipments in September jumped to their highest level since the start of the Iran war, after it quickly ramped up exports via this route.

Saudi Arabia is also rebuilding its pumping volumes through its East-West Pipeline that runs to its Red Sea export hub of Yanbu, although tanker loadings have yet to resume. The pipeline operations were resumed this week after a drone attack shut the facility earlier this month.