Saudi Aramco Resumes Oil Loading from Strait of Hormuz

Saudi Aramco has resumed oil loading from inside the Strait of Hormuz after halting sales for weeks following attacks on its tanker fleet during the US-Iran conflict. The move is expected to ease the tight supply of heavier grades that produce more residue fuel.

Between August 12 and 16, three Very Large Crude Carriers (VLCCs) loaded two million barrels each from the Juaymah and Ras Tanura terminals. Six more VLCCs could load Saudi oil from inside the strait later this month, according to provisional data from Kpler.

The resumption of Saudi exports comes as the producer faces a blockade by the Yemeni Houthis in the Red Sea, where Aramco diverted its exports to the port of Yanbu earlier during the Iran war. However, oil exports remained curtailed due to this blockade, with only 670,000 barrels per day expected to be loaded at Egypt's Mediterranean port of Sidi Kerir for Asia this month.