Saudi Aramco and Asian Refiners Dispute How to Count 2026 Spot Oil

Saudi Aramco and Asian refiners face a dispute over whether 2026 spot oil purchases count toward annual commitments, complicating their 2027 supply talks.

Some refiners want oil bought through spot deals credited toward their 2026 contracts after supply disruptions prevented them from collecting some contracted cargoes. Aramco is seeking larger 2027 contract volumes from some buyers to cover the shortfalls. At least one refiner is resisting that request.

The dispute ties a question about this year’s deliveries to the amount of oil buyers will commit to take next year.

Aramco increased its spot sales to Asia from early September as oil flows through the Strait of Hormuz recovered. Attacks on ships continued, while supply disruptions and shipping risks had pushed refiners toward more spot buying. Aramco has also arranged deliveries of nearly 100 million barrels of Saudi crude to Asian buyers for October and November, taking on more of the shipping and insurance risk for those cargoes.

Annual Gulf supply negotiations normally conclude by the end of October. Asian refiners typically order Middle Eastern crude for January loading on the spot market in November.