Saudi Aramco Resumes Oil Loading from Strait of Hormuz Amid Tight Supply

Saudi Aramco has resumed oil loading operations from inside the Strait of Hormuz, following a halt due to attacks on its tanker fleet last month. The resumption is expected to ease the tight supply of heavier grades of crude oil that can be used to refuel ships or processed further at refineries.

The state energy giant has offered spot heavy crude cargoes to Asian refiners via ship-to-ship transfers off Fujairah in the United Arab Emirates. Three very large crude carriers (VLCCs) loaded 2 million barrels of crude each from the Juaymah and Ras Tanura terminals between August 12 and 16.

Six more VLCCs are expected to load Saudi oil from inside the strait later this month, according to provisional data from Kpler. Traders said Saudi Aramco could deploy Saudi tankers for the Hormuz transit in addition to Sinokor vessels.