Saudi Arabia Loses Asian Oil Buyers as Prices Hold Near $101

Oil prices remain tight near $101 as Saudi exports to Asia plunge to 3.9 million bpd in May and China halves June nominations to 600,000 bpd amid high official selling prices. The situation stems from February’s de facto closure of the Strait of Hormuz, which removed a fifth of global flows and triggered India’s first retail fuel hike in four years plus Japan’s 4.9% wholesale inflation surge. In response, the UAE and Canada accelerated pipeline projects expected to add over 2 million bpd of bypass capacity by 2027, while India explores alternative energy sources and pushes for extended Russian oil waivers.