Saudi finds buyers for more crude
Saudi Arabia, the world's largest oil exporter, found buyers in Asia for additional crude, while the International Energy Agency said it would release stockpiled fuel to try to damp prices and safeguard economic growth.
Saudi Arabian Oil, known as Saudi Aramco, the Middle Eastern country's state producer, located at least three Asian refiners who agreed to buy extra cargoes this year.
The Paris-based IEA said last week it would coordinate the release of 60 million barrels of oil equivalent.
Crude oil Saudi Aramco, secured sales to three of nine refiners that it approached in Asia and Europe as part of the government's pledge to meet global demand, people with knowledge of the transactions said last week.
Aramco found buyers in India, China and Japan, three people said, asking not to be identified because the sales are confidential.
Six refiners in Asia said they turned down offers of more oil.
A Dhahran-based spokesman for Aramco declined to comment last week. "Aramco is very keenly monitoring demand and will be careful not to oversupply the market," Thad Malesa, an independent Dubai-based energy analyst, said on Sunday.
"Aramco is wary of the IEA release and won't be dumping oil in Asia." The IEA, which advises 28 industrialised economies, said it would arrange the release of crude from emergency inventories held by member states.