Overview
- Saudi Aramco has sold several ultra‑light condensate cargoes from the Jafurah gas project, with the first export scheduled later this month, according to trade sources cited by Reuters.
- Chevron bought two cargoes for loading this month and in March, while Exxon Mobil and Indian Oil Corp purchased cargoes set to be lifted next month, the sources said.
- The cargoes were reportedly priced at a premium of $2–$3 per barrel to Dubai quotes on a free‑on‑board basis.
- Chevron’s first shipment is likely headed to GS Caltex in South Korea, with another possibly bound for Thailand’s Star Petroleum Refining, according to two of the sources.
- Exports could reach four to six 500,000‑barrel cargoes per month from Yanbu as Jafurah ramps toward a 2 bcf/d production target by 2030, and a preliminary assay indicates 49.7 API gravity and about 0.17% sulfur.