Saudi Aramco has sold its first cargo of crude to one of China’s smaller so-called teakettle refiners. The firm will load a cargo of Arab Heavy in Okinawa for teakettle Shandong Chambroad in June. The deal, which has not been directly confirmed, marks another step in Saudi Arabia’s attempt to expand its customer base, prompted by lower oil prices and moves by competing supplier Iran to regain the market share it lost to nuclear-related sanctions. The sale follows Saudi Arabia’s campaign late last year to market its crude to buyers in northern Europe.
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