Aramco Boosts Oil Exports Outside Strait of Hormuz

Saudi Aramco has offered more oil for loading outside the Strait of Hormuz in September, following recent sales to China. The move comes after at least four million barrels were sold to Chinese buyers this month via ship-to-ship transfers off Sohar in Oman. Shipping data indicates that Aramco has resorted to shuttling cargoes aboard tankers with their trackers switched off to evade attacks during transit through the strait.

The offers come after two supertankers carrying four million barrels of Saudi crude were bound for China, loading the cargoes via STS transfers off Sohar. The VLCC Xin Hui Yang and VLCC Xin Han Yang are expected to arrive at eastern Chinese Ningbo port on September 15 and Zhanjiang port in southern China on September 12, respectively.

Aramco has also sold at least four million barrels of heavier grades to PetroChina and Sinochem last week after resuming oil loading at the Ras Tanura port earlier in August. The sales process for Arab Medium and Arab Heavy crude with Asian buyers continues, with bids due by Wednesday.