{"text":[[{"start":7.63,"text":"Saudi Arabia, the world’s biggest oil exporter, has raised the premium it charges for its crude to record levels as the Iran war strains global energy supplies."}],[{"start":19.52,"text":"State-run Saudi Aramco will charge customers in Asia $19.50 on top of the Oman-Dubai benchmark for a barrel of Arab Light crude, its main oil grade, in May. Over the past 26 years, the premium has never exceeded $10 a barrel."}],[{"start":37.96,"text":"Pricing for all grades of Saudi oil to every destination has been raised to record levels. Customers in Europe will need to pay $24-$30 a barrel over the Brent benchmark, which is currently trading at about $108 a barrel, for Saudi oil next month."}],[{"start":58.75,"text":"The vast majority of Saudi Aramco’s exports usually load in the Gulf, but the Iranian threat to shipping through the vital Strait of Hormuz export route has forced flows to be redirected."}],[{"start":71.84,"text":"On Monday, the price of crude fell on reports that a ceasefire proposal had been shared with Iran and the US, but it was unclear if the parties would agree to the plan."}],[{"start":83.44,"text":"Aramco is pumping as much Arab Light and Extra Light crude as possible through a cross-country pipeline to ships loading on its west coast. The Red Sea port of Yanbu is handling more shipments than ever before, but still Saudi Arabia was only able to export about 50 per cent of its normal volumes in March, according to ship tracking data."}],[{"start":107.89,"text":"The loss to global oil supplies caused by the Middle East war is most acutely felt by refineries that need sour crude grades that typically come from the Middle East. These refineries are mostly in Asia."}],[{"start":121.97,"text":"The United Arab Emirates is able to send out some oil from the port of Fujairah, but all other shipments of oil produced in the Gulf must contend with Iran’s control of the Strait of Hormuz. About a fifth of the world’s oil usually passes through the crucial waterway."}],[{"start":140.41,"text":"Some Chinese, Indian and Omani vessels have made it through the strait, while Iran’s military has said Iraqi ships are free to pass. Pakistan’s government claimed to have struck a deal that would allow 20 ships to sail through under its flag. But in general, shipping through the narrow waterway remains heavily restricted."}],[{"start":161.05,"text":"On Monday attempts by Qatar to export liquefied natural gas through the strait appeared to have been aborted. "}],[{"start":169.38000000000002,"text":"The Opec+ oil cartel on Sunday agreed to increase its oil production in May but the move was symbolic as its spare production capacity is stuck behind the strait."}],[{"start":192.06000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775703364_1839.mp3"}