Saudi Aramco has sold several Jafurah condensate cargoes for late February to March loading at $2–$3 per barrel above Dubai quotes on an FOB basis. Buyers include US energy majors Chevron and ExxonMobil, alongside Indian Oil Corporation, underscoring strong demand for premium Middle Eastern condensate supplies.
Saudi Aramco has finalized the sale of multiple Jafurah condensate cargoes for late February and March loading, according to market sources. The deals were struck at a premium of $2–$3 per barrel above Dubai quotes on a Free on Board (FOB) basis, reflecting robust demand for high-quality Middle Eastern condensate.
Key Highlights:
-
Cargo Sales: Several Jafurah condensate shipments sold for late February–March loading.
-
Pricing Advantage: Premium of $2–$3 per barrel above Dubai benchmarks.
-
Major Buyers: Chevron, ExxonMobil, and Indian Oil Corporation among purchasers.
-
Market Context: Premium pricing signals strong demand amid tight supply conditions.
-
Strategic Significance: Reinforces Aramco’s role as a key supplier to both US and Asian refiners.
Analysts note that the premium pricing highlights the attractiveness of Jafurah condensate in global markets, especially as refiners seek reliable feedstock for petrochemical and fuel production. The participation of US majors and India’s leading refiner underscores Aramco’s diversified customer base and its ability to command favorable terms despite volatile energy markets.
Sources: Reuters, Economic Times, Moneycontrol