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World’s Oil Giant Adds to Diesel Strain With Rare Buy Tender

  • Aramco seeks to buy 1.2-4.6m bbls of diesel for Saudi Arabia
  • Move is straining a market already headed into a global crunch
Updated on

Oil kingpin Saudi Arabia is seeking to purchase an unusually large amount of diesel in a surprise move for the net exporter, adding strain when diesel markets already are in short supply.

Aramco Trading sought 1.2 million to 4.6 million barrels of low sulfur diesel for delivery to several ports in Saudi Arabia by mid-March to April via a tender, said traders close to the matter, who asked not to be identified. It’s a rare move from the country, which usually is a net exporter of diesel, according to the traders.