Aramco Eyes New Export Routes Amid Ongoing Regional Disruptions

Aramco is planning to diversify its crude export routes by studying additional corridors. The Saudi oil giant is eyeing a fourth and fifth crude-export route, on top of the three it already uses, as it looks to build more redundancy into its export system.

The company's CEO, Amin Nasser, told Nikkei Asia that engineering and feasibility work for the new routes is already underway. However, he did not disclose where the new routes would run or when they could come online.

Aramco has been struggling with disruptions to its exports due to the ongoing conflict in the region. The company is only supplying term-contract buyers and pumping well below pre-war levels, according to Nasser. He warned that the disruption 'is not really getting better,'

The Saudi oil giant is also looking to expand its crude storage overseas, including in Japan, as another buffer against disruptions. Aramco currently holds 5.3 mn barrels of crude at Knoc's Ulsan facilities in South Korea under a five-year storage agreement.