Asia buys Saudi crude at $20 a barrel premium
Asian refineries bought large volumes of Saudi crude for November 2026 delivery, with some companies paying about $20 a barrel above official selling prices amid shipping risks through the Strait of Hormuz. Chinese state-owned and independent refiners purchased at least 12 million barrels, and the sales also included shipments for refineries in India and Taiwan. Aramco cut its November official selling price for Asia by $3 to $5 a barrel against the Dubai/Oman benchmark, raised prices for Europe by about $3 and left US prices unchanged.
Why it matters: The premium purchases show how energy security risks in the Strait of Hormuz are feeding into Asian crude procurement and spot pricing.