“Because of the high Saudi OSPs in previous months, traders have diverted to the spot market instead of using long term contracts…With domestic demand likely leveling off in autumn, they have more barrels to be exported, so that’s another reason to offer more attractive OSPs.”

-Giovanni Staunovo, a commodities analyst at UBS Group AG, in comments to Bloomberg. Now Aramco wants buyers to take more Saudi crude, he said. [Bloomberg]