Saudi Aramco Unloads Four Million Barrels Outside Hormuz

Saudi Aramco has sold four million barrels of crude oil to two Chinese refiners for loading outside the Strait of Hormuz. The world's largest oil exporter offered Arab Medium and Arab Heavy crude cargoes through private negotiations with some Asian refiners.

The cargoes were loaded via ship-to-ship transfers off Fujairah in the United Arab Emirates, according to trade sources. PetroChina and Sinochem each bought two million barrels of the heavier Saudi crude grades at premiums.

Saudi Aramco resumed oil loading from inside the Strait of Hormuz last week and has more tankers waiting to load. The companies typically do not comment on commercial deals, but the sale indicates a continued demand for Saudi oil in Asia.