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

Saudi Aramco has resumed oil loading from inside the Strait of Hormuz after a halt due to attacks on its tanker fleet during the US-Iran conflict. The world's top oil exporter offered spot heavy crude cargoes for Asian refiners, including Arab Medium and Arab Heavy crude via ship-to-ship transfers off Fujairah in the UAE.

The resumption of Saudi exports could ease the tight supply of heavier grades that produce more residue fuel, which can be used to refuel ships or processed further at refineries to yield higher-quality fuels such as gasoline and diesel. Three very large crude carriers (VLCCs) loaded 2 million barrels each from the Juaymah and Ras Tanura terminals between August 12-16.

Saudi Aramco has declined to comment, but data from shiptrackers Vortexa and Kpler showed a gap of three weeks since the last loading at the ports. Six more VLCCs could load Saudi oil from inside the strait later this month, provisional data from Kpler showed.