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Saudi Aramco Sells Oil on Spot Mkt as Middle East War Disrupts Contracted Deliveries: Wire
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With the effective closure of the Strait of Hormuz forcing oil shipments to reroute via the Red Sea, Saudi Aramco has resorted to a rare move of offering crude oil on the spot market, Bloomberg reported, citing sources. These spot market auctions reflect the immense pressure facing the oil market, as Saudi Aramco typically supplies crude oil only through long-term contracts and doesn't sell most of its oil through traditional channels. AAStocks Financial News |
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