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Asian oil buyers are trying to get more oil from Saudi Arabia as further escalation of tensions poses a risk to global oil
supplies and could even trigger an energy crisis.
According to traders familiar with the matter, buyers from Asia, the world's largest oil import region, are asking Saudi Aramco about oil arrivals in May
.
In addition, the amount of oil loaded and shipped to Asia is likely to increase
in April.
Traders said at least four Asian customers were looking to increase purchases of oil shipments from the Middle East for May, either through fixed-term contracts or in the spot market
next month.
They said Murban in Abu Dhabi and Arabia's Arabia Extra Light, as well as Iraq's Basrah Medium and Arab Light, are potentially sought after alternatives to Russian crude
.
Although Russia's oil exports have not yet been sanctioned by the United States and Europe, Western countries have pledged to ban the SWIFT system on selected Russian banks, while promising to impose sanctions
on the foreign exchange reserves of the Russian central bank.
Energy importers worry that companies trading Russian oil could have trouble making payments, and shipping could become more difficult as more shippers become cautious about shipping oil
.
In addition, traders expect tighter arbitrage inflows from the United States, the North Sea and West Africa in the Asian spot market, prompting Asian buyers to seek more oil
from the Persian Gulf.
