Saudi Aramco continues to negotiate with key buyers in China and North Africa as both sides refuse to compromise on price ideas for the third quarter. A settlement has yet to be reached. The producer confirmed, however the sale to China Oil of three 40,000 mt cargoes at $210/mt FOB. However, there is some confusion over pricing since this represents a delivered price into China above $240/mt CFR, which is way above current market prices in China. It has been reported the cargoes were sold at $218/mt CFR, but this has been denied by both the buyer and seller. Market sources suggest the trader concluding the business has made a loss and the cargo was sold into China within the $220-230/mt CFR range.
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