Aramco Boosts Oil Offerings Outside Strait of Hormuz Amid Conflict
Saudi Aramco has increased its oil offerings for September loading outside the Strait of Hormuz, according to Reuters. This move follows the sale of at least 4 million barrels to China this month.
The state oil producer has initiated a sales process for Arab Medium and Arab Heavy crude with Asian buyers for the second week in a row. The cargoes are being offered through ship-to-ship transfers off Fujairah in the United Arab Emirates or Sohar in Oman, both located outside the strait.
Bids were due on Wednesday, after shipping data showed Aramco transporting cargoes using tankers with their tracking systems turned off to avoid attacks while passing through the strait. The Strait of Hormuz handled one-fifth of global oil and gas flows before the U.S.-Iran conflict began on February 28.