Saudi opens oil taps for Asia as India, China hunt crude amid Iran war, Hormuz crisis
Aramco is managing transport for October and November cargoes as pipeline damage pushes more Saudi crude through the Strait of Hormuz.
- Since last week, Saudi Arabia has sold nearly 100 million barrels of crude to Asian buyers, routing October and November deliveries through the Strait of Hormuz after the East-West pipeline was attacked on September 10.
- Following the September 10 attack on the East-West pipeline, the Kingdom pivoted to the Strait of Hormuz to maintain export capacity and fulfill crude commitments to Asian customers.
- Managing logistics, Aramco is shipping the crude to Asian customers, offering ship-to-ship transfers at the port of Sohar in Oman to facilitate the unusual volume of exports.
- Asian refiners in China, India, Japan, and South Korea will receive the oil, helping to avert a looming supply crunch in the region amid intensified competition for crude from Africa and Latin America.
- Although Saudi Aramco restored partial operations on the East-West conduit this week, full resumption of about 4 million barrels per day will likely take weeks, with meaningful restoration aimed for Saturday.
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Saudi Arabia has increased its shipments by selling about 100 million barrels of crude oil to the Asian market. Following disruptions in the East-West pipeline, oil is planned to be transported through the Strait of Hormuz, while sales include buyers in China, India, Japan and South Korea.
Saudi Arabia has sold nearly 100 million barrels of crude to Asian buyers since the middle of last week, roughly equivalent to the total global daily demand. The unusually large sales volume is due to the partial failure of the East-West pipeline, which has not been operating at full capacity since a September 10 attack, forcing the Saudis to export more oil through the Persian Gulf. The extra volume is urgently needed in Asia, as Iranian suppli…
Saudi Arabia Sells 100 Million Barrels of Crude to Asia via Hormuz
Saudi Arabia has sold almost 100 million barrels of crude to Asian buyers via the Strait of Hormuz since the middle of last week, when it pivoted to the chokepoint it wanted to avoid with the East-West pipeline to the Red Sea. With the pipeline out of service, the Kingdom has sold 100 million barrels of crude, which is roughly one day of total global oil demand, to Asian buyers for October and November delivery through the Strait of Hormuz, trad…
The Economic Times
Times of IndiaSaudi opens oil taps for Asia as India, China hunt crude amid Iran war, Hormuz crisis
Saudi Arabia has sold almost 100 million barrels of crude to Asian buyers, including refiners in India and China, helping ease supply concerns as the Iran war disrupts regional oil flows. The sales come as Iranian crude supplies dry up, Russian oil faces political risks and Saudis damaged East-West pipeline pushes more exports through Hormuz.
No joke: Because the pipeline to Yanbu was destroyed, Saudi Arabia recently dramatically increased oil exports across the Strait of Hormus! The post Saudi Arabia: Oil exports rise massively – thanks to the Strait of Hormus! appeared first on financemarktwelt.de.
The sale of 100 million barrels of oil to Asian buyers from the middle of the period beyond Saudi Arabia has reduced the risk of possible conflict in the region. Banker.az gives this according to Bloomberg. According to the information, the Neft Octyabr and November months will be opened through the Strait of Hormuz. Loads of Chinese forging and special neft enameled products, as well as manufacturing facilities in India, Japan and South Korea […
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