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By 4ever.news
19 hours ago
Saudi Arabia Resumes Loading Oil at Terminals In Strait Of Hormuz

Saudi Aramco has resumed loading tankers with crude oil at its Juaymah and Ras Tanura terminals in the Strait of Hormuz, trade industry sources reported Tuesday, marking the first such activity in three weeks.

 

According to ship-tracking data, three Saudi supertankers each loaded about two million barrels of crude from the terminals over the past week. Six more Very Large Crude Carriers are positioned to load soon, with the vessels expected to transit the strait to reach Asian customers, primarily in China.

 

Market analyst Emma Li of Vortexa told Reuters that Saudi Arabia may have concluded it has little choice but to use the strait again. Alternative routes through the Mediterranean involve longer voyages and higher freight costs that Asian buyers dislike. The Red Sea route has also been complicated by Houthi threats.

 

Aramco offered crude cargoes to Asian buyers on Monday, proposing delivery via ship-to-ship transfers off Fujairah in the UAE, on the Gulf of Oman side of the strait. Some details of the sales remain confidential for security reasons, and sources suggested tankers might sail with limited tracking to reduce risk.

 

U.S. Energy Secretary Chris Wright noted last week that nearly 9 million barrels per day continue to flow through the Strait of Hormuz, supplemented by additional volumes moving through upgraded pipelines and export facilities. Longer-term efforts by Saudi Arabia, the UAE, and others to develop alternative routes that bypass Iranian threats are ongoing.