Saudi Aramco has switched to spot pricing for oil supply to speed up sales in Asia.

According to trade sources and shipping data, at least five very large crude carriers loaded with a total of 10 million barrels of Saudi Arabian crude oil have left the port of Ras Tanura and passed through the Strait of Hormuz. At the same time, Saudi Aramco has switched to using spot pricing to expedite sales in Asia. After nearly four months of being shut down, Saudi Aramco resumed loading operations at the world's largest oil port in Ras Tanura last Friday. The company is increasing its loading and shipping to Asia, exacerbating the oversupply situation in the spot market. Several trade sources who requested anonymity due to sensitivity, stated that in addition to using the Saudi National Shipping Company's Bahri fleet to transport crude oil, Saudi Aramco is also supplying crude oil to Asian customers at spot prices to attract demand amidst increasing competition. One source mentioned that Saudi Aramco has offered 6 million barrels of crude oil for loading in July to its traditional Asian customers. Another source stated that the prices are "very attractive" for Chinese buyers. Saudi Aramco declined to comment.