Saudi Aramco offers crude outside Hormuz to some Asian refiners: Reuters
Aramco is offering alternative loading points as Red Sea risks push Asian buyers toward longer routes and higher freight costs, traders said.
- On Monday, at least two Asia-based refiners asked Saudi Aramco to allow cargo pickups from Egypt's Mediterranean port of Sidi Kerir instead of the Saudi port of Yanbu on the Red Sea, citing safety concerns.
- Ship owners and Asian refiners have been wary of braving the Bab el-Mandeb Strait in recent weeks after the Iran-aligned Houthis threatened to blockade Saudi shipments, claiming several attacks on oil tankers since late July.
- Sidi Kerir volumes are a fraction of the 4 million barrels per day previously exported from Yanbu, and "the Sidi Kerir offering to Asia is likely not working," said Emma Li, Vortexa's China market analyst.
- Aramco resumed loading Arab Medium and Arab Heavy crude via ship-to-ship transfers off Fujairah in the United Arab Emirates this month to help ease tight supply of heavier grades.
- Seven VLCCs owned by Saudi-based operator Bahri were floating off the UAE and Oman on Tuesday, while traders noted Aramco could deploy additional vessels to manage ongoing trade disruptions.
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Saudi Aramco Offers Crude Outside Hormuz
Saudi Aramco is offering crude oil outside the Strait of Hormuz to some Asian refiners through private negotiations, two sources with knowledge of the matter said on Monday, in a strategy similar to that adopted by United Arab Emirates' Abu Dhabi National Oil Co (ADNOC).In a rare move…
Importers from China, Japan and India demand that the state Saudi Aramco modify the delivery points planned for September in the face of the maritime security crisis in the port of Yanbu.
Saudi Aramco offers crude outside Hormuz to some Asian refiners, sources say
Saudi Aramco is offering crude oil outside the Strait of Hormuz to some Asian refiners through private negotiations, two sources with knowledge of the matter said on Monday, in a strategy similar to that adopted by United Arab Emirates' Abu Dhabi National Oil Co (ADNOC).
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