Saudi Aramco Reboots Oil Exports from Strait of Hormuz

Saudi Aramco has resumed loading oil from the Strait of Hormuz after a three-week halt due to tanker fleet attacks during US-Iran tensions. The company offered spot heavy crude cargoes via ship-to-ship transfers in Fujairah, UAE, this month.

The resumption could ease the shortage of heavy grades of fuel that can be used for refueling ships and refined to produce higher-quality fuels like gasoline and diesel. From August 12-16, three very large crude carriers loaded 2 million barrels each from the Juaymah terminal and Ras Tanura.

Kpler's preliminary data showed six more VLCCs may load Saudi oil in the strait by the end of this month. Traders believe Saudi Aramco may deploy Saudi tankers in addition to Sinokor vessels for the transit of Hormuz.