Saudi Aramco To Supply Contracted Volumes of Oil To North Asian Buyers

According to several sources with knowledge of the situation, Saudi Aramco has informed at least four customers in North Asia that they will receive full contract volumes of crude oil in March.

Saudi Arabia, the world's largest oil exporter, unexpectedly raised the official selling prices for its flagship Arab Light in March, anticipating a rebound in demand, particularly from China, following the abandonment of Beijing's zero-COVID strategy.

Saudi Aramco, also known as the Saudi Arabian Oil Company (formerly Arabian-American Oil Company) or simply Aramco, is a public Saudi Arabian petroleum and natural gas company headquartered in Dhahran. By 2020, it will be one of the world's largest companies in terms of revenue. Saudi Aramco has the world's second-largest proven crude oil reserves, with over 270 billion barrels (43 billion cubic metres), as well as the largest daily oil production of any oil-producing company. Since 1965, it has been the single largest contributor to global carbon emissions of any company in the world. On May 11, 2022, Saudi Aramco surpassed Apple Inc. to become the world's largest (most valuable) company by market capitalization.

The Master Gas System, operated by Saudi Aramco, is the world's largest single hydrocarbon network. It manages over one hundred oil and gas fields in Saudi Arabia, including 288.4 trillion standard cubic feet (scf) of natural gas reserves, and its crude oil production totaled 3.4 billion barrels (540 million cubic metres) in 2013.