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Saudi Arabia and Asia Locked In Dispute Over 2027 Term Oil Deals

Asian refiners and Middle Eastern producers are currently negotiating the term supplies of crude oil for 2027, as usual. The unusual part is that the Iran war has crippled fixed-term supplies this year, and Middle Eastern exporters have resorted to increased spot sales to deliver crude oil to their most important export destination. With days left to conclude negotiations on the 2027 term sales under fixed volumes, refiners in Asia and Saudi Arabia are in disagreement over whether this year’s spot sales should be counted into the 2026…