Saudi Oil Exports Rebound at Hormuz While East-West Pipeline Remains Offline
Riyadh has shifted more crude through Hormuz and STS transfers off Oman as the damaged East-West pipeline stays offline, analysts said.
5 Articles
5 Articles
Saudi Oil Exports Rebound at Hormuz While East-West Pipeline Remains Offline
Saudi Arabia has sold as many as 60 million barrels of crude oil from the Persian Gulf port of Ras Tanura for September and October loadings outside the Strait of Hormuz via ship-to-ship transfers, trade sources told Reuters on Friday. Saudi oil giant Aramco has offered buyers of the crude from the Ras Tanura port to be loaded via ship-to-ship (STS) transfers at the port of Sohar in Oman just outside the Strait of Hormuz, according to the source…
Oil prices stabilized on international markets on Friday near the $105 level, balancing between reports of Saudi shipments via Oman and weak transit through Hormuz confirming risks to shipments from the Persian Gulf region.
With the strait blocked by Iran and the East-West pipeline hit by the Houthi, the Gulf crude oil comes out of ship-ship transfers to Sohar: 7,15 million barrels a day, often without insurance.
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