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Saudis Offer Oil on Spot Market as War Disrupts Contracted Flows
Saudi Aramco has offered prompt crude supply through a series of rare tenders, as the effective closure of the Strait of Hormuz traps shipments and forces a rerouting of flows via the Red Sea.
The world’s largest crude exporter offered three grades — Arab Extra Light, Arab Heavy and its flagship Arab Light, according to traders with direct knowledge of the matter. It’s offered roughly 4.6 million barrels across the varieties in recent days, said the traders, asking not to be named as they aren’t authorized to speak to the media.