Saudi Aramco resumes oil loadings, sales from inside Strait of Hormuz

Saudi Aramco resumed oil loading from within the Strait of Hormuz last week, with additional tankers awaiting to load cargo. The state energy giant is now offering spot heavy crude shipments to Asian refiners via ship-to-ship transfers off Fujairah in the United Arab Emirates. This comes after a halt in sales following attacks on its tanker fleet during the US-Iran conflict escalation.

The return of Saudi exports could alleviate the scarcity of heavier grades, used for fuel and further refining. Three VLCCs - Malaysia Prosperity, Algeria Prosperity, and Singapore Prosperity - loaded 2 million barrels each from August 12 to 16. Data from Vortexa and Kpler revealed a three-week gap since the last loading. Saudi Aramco and the tanker owner Sinokor have not commented.

Six more VLCCs could load Saudi oil later this month, according to Kpler. However, Saudi exports are still limited due to a blockade by Yemeni Houthis in the Red Sea. Meanwhile, Saudi oil exports via Egypt's Mediterranean port of Sidi Kerir are also restricted, with only about 670,000 barrels per day expected to be loaded for Asia this month.