Saudi Arabia Boosts Crude Oil Exports by 60 Million Barrels

Saudi Arabia has finalized large-scale crude oil export arrangements to supply around 60 million barrels of crude oil from its Ras Tanura port in the Strait of Hormuz. The oil will be loaded and delivered via ship-to-ship transfer at the Port of Sohar in Oman this month and next month.

The main recipients of these spot cargoes are refineries in China and South Korea, with the remaining portion diverted to Asian consumer markets including India and Japan.

The rebound in Gulf exports has offset the loss at Yanbu Port on the Red Sea caused by an Iranian attack. Saudi Arabia is repairing its damaged crude oil pipeline and plans to restore half of its transportation capacity within a few days.