At least six refiners from China to Singapore say they will nonetheless try to maximise purchases from Saudi Arabia storage capacity permitting
A currency dealer monitors exchange rates in a trading room at KEB Hana Bank in Seoul, South Korea, on March 9 2020. Picture: AFP/JUNG YEON-JE
The scope to buy more may be limited in April because they’ve largely secured the oil they need for the month, the refiners said, but should the Saudis continue to offer steep discounts into May, they’re ready to take even more at the expense of other suppliers. Asia accounts for roughly two thirds of Saudi oil exports, according to the US Energy Information Administration.
For March they requested less oil as the coronavirus weighed on demand, prompting a reduction in refining across Asia and leading to cheaper crude being available in the spot market. With demand remaining subdued and stockpiles filling up, their capacity to take additional Saudi oil will be limited in April unless they increase processing, according to the refiners, who asked not to be identified because they’re not authorised to speak publicly.
If Asian buyers take up the Saudi offer, it would mean significantly fewer purchases in the spot market, which could devastate oil markets in which sellers traditionally sell their crude via tenders and spot transactions, including West Africa and some Russian crude streams.
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