Amid a growing number of buyers fleeing Iranian crude oil and condensate purchases ahead of the U.S. sanctions, Iran’s fellow OPEC member and regional arch foe Saudi Arabia is offering on the spot market a rarely exported ultra-light oil grade, seeking to replace some of Iran’s condensate sales, Bloomberg reported on Wednesday. Saudi Aramco’s trading unit is reportedly offering on the market Khuff condensate—a rare move by the Saudis who usually use this ultra-light oil for domestic refining. To free up Khuff volumes, Saudi Arabia is directing more of its Arab Extra Light to splitters for turning it into raw materials for fuel and petrochemicals, according to Bloomberg. Not only is Khuff expected to be an alternative to Iran’s condensate sales, which have already started to drop with major buyers Japan and South Korea cutting off Iran oil trade, at least until they receive clarity on waivers from the […]