Commodities
Saudi Floods Asia with Oil Amid Iran War, Hormuz Crisis
Saudi Arabia has been selling almost 100 million barrels of oil to Asian buyers since the middle of last week, helping to avert a looming supply crunch in the region.
The crude for delivery in October and November will be sent via the Strait of Hormuz, according to traders familiar with the matter.
Chinese state-run and independent refiners, as well as processors in India, Japan, and South Korea are among the buyers.
The unusual flurry of sales is equivalent to about one day of total global demand and represents a more-than-doubling of recent Saudi-to-Asia flows through Hormuz.