Aramco Boosts Oil Offerings Outside Strait of Hormuz Amid Global Tensions

Saudi Aramco has increased its oil offerings for September loading outside the Strait of Hormuz, according to Reuters. The state oil producer initiated a sales process for Arab Medium and Arab Heavy crude with Asian buyers for the second week in a row.

The move follows the sale of at least 4 million barrels to China this month. Aramco has been transporting cargoes using tankers with their tracking systems turned off to avoid attacks while passing through the strait.

Two supertankers carrying 4 million barrels of Saudi crude are heading to China after loading through ship-to-ship transfers off Sohar in Oman, according to shipping data from Vortexa and Kpler. The shipments are destined for Sinopec, the world's largest refiner.