Oil buyers seek up to 50% more Saudi crude amid price war

INTERNATIONAL – At least three buyers of Saudi Arabian oil requested between 30% and 50% more supplies than they had originally planned in April after the world’s biggest exporter slashed its prices, according to people familiar with the matter.

The so-called nominations show how the price war that’s broken out between the world’s biggest crude producers is having an immediate impact on global oil flows. 

Taking additional Saudi crude would mean the buyers make significantly fewer purchases in the spot market, potentially devastating markets in which companies traditionally sell their crude via tenders and spot transactions, including West African and some Russian crude streams.