Saudi Arabia(SAR) has been able to gain some temporary advantage in key Asian export markets. Its shipments to china more than doubled in April to 2.2 million barrels a day ( bpd ) and those to India, at 1.1 million bpd, were also the highest in at least three years. But it is worth mentioning this is due to Chinese and Indian businesses taking advantage of and locking in low oil selling prices (OSPs) for oil forward contracts.

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