Saudi Oil Exports Find New Route Through Oman

Saudi Arabia's oil exports are taking an unconventional route as the kingdom offers to sell crude near Oman, signaling it may be bypassing traditional shipping lanes through the Strait of Hormuz.

The state-owned Saudi Aramco is marketing Arab Medium and Arab Heavy grades on a ship-to-ship basis from locations including Sohar in the Gulf of Oman, sources told Bloomberg.

For now, these offers are only being made to Chinese refiners who prefer these heavier and sulfur-rich grades for their complex refineries.

This move follows in the footsteps of the United Arab Emirates, which has been shuttling large volumes of crude through Hormuz to keep oil prices in check.