Saudi offers more crude via Oman loading after pipeline attacks, sources say
“Saudi Arabia is offering more loadings of crude oil to Asian refiners via ship-to-ship transfer off Oman's Sohar port after drone attacks damaged its key oil pipeline to the Red Sea, people familiar …”
State oil company Saudi Aramco has offered its flagship Arab Light grade, as well as Arab Medium and Arab Heavy, to term buyers in Asia for loading off Sohar, the sources said, which is outside the Strait of Hormuz. The offers indicate that Aramco is moving more crude out of the Gulf for onward transfer outside the waterway.
In recent weeks, Aramco has made at least two similar offers of Arab Medium and Arab Heavy to Asian buyers. Saudi Aramco declined to comment. Over the past week, Saudi Arabia has doubled daily crude loadings at its Ras Tanura and Juaymah terminals inside the Gulf to about two very large crude carriers, equivalent to 4 million barrels, Energy Aspects.
Read:Houthi drone destroyed near Makkah as Saudi-led coalition warns threats to holy sites are 'red line'Separate ship-tracking data from Kpler showed four VLCCs capable of carrying a combined 8 million barrels loading at Ras Tanura on Wednesday.
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The increase in Aramco loadings and volumes on offer comes as other Gulf producers also offer more crude for loading outside the Strait of Hormuz after securing vessels to shuttle supplies through the waterway, often with their tracking signals switched off. The buyers declined to be named because they were not authorised to speak to the media.
Saudi Arabia, the world's biggest oil exporter, has relied on its East-West pipeline to divert crude to the Red Sea port of Yanbu for export since the Iran war severely curtailed shipping through the Strait of Hormuz. The kingdom shut the pipeline on Friday after damage from drone attacks, sending global oil benchmarks to multi-month highs this week.
At least one Asian buyer with cargoes scheduled to load this month said it had received a notice from Aramco that shipments from Yanbu would be delayed and rescheduled. The notice did not specify the length of the delay.
Saudi Arabia informed European customers that some September-loading crude cargoes will be cancelled, while loadings at Yanbu have been suspended, trading and shipping sources said on Tuesday.
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