Saudi Arabia Rushes Crude Exports Through Reopened Strait of Hormuz
Saudi Aramco sold cargoes on spot pricing as Asian benchmarks fell and competition among Gulf producers intensified, trade sources said.
- On Friday, Saudi Aramco resumed oil loadings from Ras Tanura, the world's largest oil port, after a nearly four-month halt, successfully moving 10 million barrels through the Strait of Hormuz.
- The restart follows a precautionary four-month shutdown during the conflict involving Iran and Israel, when Saudi Arabia utilized the East-West pipeline to move crude to the Red Sea, bypassing Hormuz.
- Saudi Aramco is switching to spot pricing to accelerate sales to Asian markets, with two supertankers heading to China and two to Japan; trade sources called the pricing "very attractive."
- Increased shipments added to a supply glut, depressing Brent crude to about $70 a barrel from nearly $120 in March following the interim US-Iran peace deal.
- At least four additional supertankers remain near Ras Tanura with three awaiting loading and one fully laden, positioning Gulf producers to compete for market share in the prized Asian market.
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Saudi Aramco ramps up exports from Ras Tanura, switches to spot sales ...
At least five supertankers carrying a total of 10 million barrels of Saudi oil loaded into Ras Tanura left the Strait of Hormuz, while Saudi Aramco began working with spot market prices to accelerate oil sales in Asia, according to market sources and shipping data. Saudi Aramco resumed shipments at Ras Tanura, the world's largest oil-exporting port, on Friday (26), after an interruption of almost four months.
Saudi Aramco ramps up exports from Ras Tanura
At least five supertankers carrying a total of 10 million barrels of Saudi oil, loaded from Ras Tanura, have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed up sales in Asia, according to trade sources and shipping data. Saudi Aramco resumed loadings from Ras Tanura, the world's largest oil port, on Friday after a halt of nearly four months. The Saudi national oil company is ramping up loadings and shipments to …
Saudi Aramco Ramps up Exports From Ras Tanura, Switches to Spot Sales, Sources Say
At least five supertankers carrying a total 10 million barrels of Saudi oil loaded from Ras Tanura have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed sales in Asia, according to trade sources and shipping data.
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