Saudi Aramco resumes commercial oil shipments from Strait of Hormuz
SINGAPORE (Reuters) — Saudi Aramco resumed oil loading from inside the Strait of Hormuz last week and has more tankers waiting to load as the state energy giant offers spot heavy crude cargoes, according to shipping data and trade sources.On Monday, the world’s top oil exporter offered some Asian refiners Arab Medium and Arab Heavy crude cargoes for loading via ship-to-ship transfers off Fujairah in the United Arab Emirates this month.It had halted sales for weeks following attacks on its tanker fleet in the Strait of Hormuz during an escalation of the US-Iran conflict last month.The resumption of Saudi exports could help ease the tight supply of heavier grades that produce more residue fuel. The material can be used to refuel ships, or processed further at refineries to yield higher-quality fuels such as gasoline and diesel.Three very large crude carriers (VLCCs) — Malaysia Prosperity, Algeria Prosperity and Singapore Prosperity —…
Saudi Aramco has resumed commercial oil shipments from the Strait of Hormuz, according to shipping data and trade sources. This follows a halt in sales due to attacks on its tanker fleet during an escalation of the US-Iran conflict last month. Three very large crude carriers (VLCCs) loaded 2 million barrels of crude each from Saudi terminals between August 12-16, with six more VLCCs potentially loading later this month. The resumption aims to ease tight supplies of heavier crude grades. However, Saudi oil exports remain curtailed by a blockade from Yemen’s Iran-backed Houthi rebels in the Red Sea, forcing Aramco to offer alternative loading from Egypt’s Mediterranean port of Sidi Kerir. An analyst noted that the Sidi Kerir offering to Asia is "likely not working, as its Asian customers, at least the Chinese, are not happy with the long voyages and high freight cost."
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