Aramco Diversifies Sales Amid Strait of Hormuz Disruptions
Saudi Aramco is diversifying its crude oil sales strategy to circumvent disruptions in supplies from the Strait of Hormuz. The company has begun offering Arab Medium and Arab Heavy crude to some Asian refiners through private negotiations, allowing buyers to receive shipments off Fujairah in the UAE.
The move mirrors a similar tactic employed by Abu Dhabi National Oil Co. (ADNOC), which has seen its oil sales surge with over 100 million barrels sold through tenders since the conflict began.
Aramco's decision to divert some of its Arab Light crude to the Red Sea port of Yanbu for export and offer it from Egypt's Mediterranean port of Sidi Kerir has also been a response to security concerns in the region, including attacks on vessels by Yemen's Houthis.