As export volumes increase, Saudi Arabia makes rare spot oil sales

```htmlGolden Ten Data reported on July 1 that, according to informed traders, Saudi Arabia, the world's largest oil exporter, is increasing shipments of oil from outside the Persian Gulf region and is selling millions of barrels of spot oil to Asian clients. Sources revealed that the state-owned enterprise Saudi Aramco has so far sold at least 6 million barrels of crude oil to customers in South Korea, Japan, and other markets. These shipments will be transported by three supertankers. Producers across the Middle East are ramping up output, causing crude oil prices in the region to drop sharply. Saudi Arabia has also resumed loading operations at Ras Tanura, its main oil export facility in the Persian Gulf. Traders noted that such spot sales are extremely rare, as Saudi Aramco typically only sells crude oil to long-term contract buyers at official prices set monthly. The quantities purchased through this deal will be counted towards clients’ annual contract procurement amounts agreed with the producer.```