Saudis ship U.S. oil to Taiwan as China shuns American crude

Top OPEC member Saudi Arabia is shipping U.S. crude produced in the Gulf of Mexico to Asia at a time when No. 1 buyer China is snubbing American cargoes.

BY BLOOMBERG NEWS

The trading unit of state-run Saudi Aramco sold about 1 million barrels of U.S. Mars crude to Taiwanese refiner Formosa Petrochemical Corp. for delivery in September-October, according to traders with knowledge of the matter. That follows shipments of oil pumped at shale fields to markets such as South Korea, as the kingdom seeks to capitalize on an American boom that’s threatened the share of its own supply in Asia.

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