Saudi Arabia’s state-owned energy giant Saudi Aramco has sold several shipments of ultra-light crude oil from its massive $100 billion Jafurah gas project to buyers in India and the United States.
US energy major Chevron has secured two condensate cargoes that will be delivered this month and in March. Meanwhile, Exxon Mobil Corporation and Indian Oil Corporation have bought shipments scheduled for loading in March. These deals were done at a premium of $2 to $3 per barrel above the Dubai benchmark price on a free-on-board basis, Reuters reported.
The Jafurah project is one of Saudi Arabia's biggest energy investments. It holds an estimated 229 trillion standard cubic feet of raw gas and about 75 billion barrels of condensate. The development is central to Aramco’s plan to significantly boost gas production, strengthen its position in the global energy market and expand its portfolio of light crude oil, the report added.
3 February 2026
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Point to note: Condensate is a very light liquid hydrocarbon that comes out along with natural gas. It can either be processed to make petrochemical feedstock such as naphtha or blended with crude oil and refined into fuels.
According to a preliminary crude assay reviewed by Reuters, Jafurah condensate has an API gravity of 49.7 degrees, making it very light, and contains about 0.17% sulphur, which is relatively low. Around 40% of its output can be turned into petrochemical-grade naphtha, mainly the heavier variety, while most of the remaining yield is gasoil and kerosene.
This development comes at a time when India is reshuffling its oil imports. Saudi Arabia and other Middle Eastern countries are increasing their share of supplies to India, while imports from Russia have eased amid US and European Union sanctions and geopolitical pressures.
In the first half of February, India imported about 4.85 million barrels per day (bpd), roughly 8% lower than in January. Russian shipments fell from about 1.28 million barrels per day in December 2025 to around 1.09 million in early February, a nearly 10% month-on-month drop, news agency PTI reported.
Point to note: Historically, Russia has been a key supplier to India, offering discounted crude that helped control fuel prices and inflation.
Saudi shipments to India are expected to reach 1 to 1.1 million bpd in February, the highest since November 2019, with arrivals temporarily touching around 1.4 million bpd before easing in early March, said, Sumit Ritolia, Lead Research Analyst of Refining & Modeling, as attributed by PTI.
However, this does not mean Russian oil exports to India have stopped. Rather, they appear to be stabilising at a lower level. There is also an understanding between the US and India under the interim trade deal that allows a basic level of Russian supplies to continue while limiting major expansion, several reports said, however, Outlook Business couldn't independently verify these claims.
