Saudi Aramco to increase oil exports outside Hormuz in September

Saudi Aramco announced an additional export offer of oil outside the Strait of Hormuz during September, after selling at least 4 million barrels to buyers in China in August. The company plans to sell Arab Medium and Arab Heavy crudes through transfer operations from ship to ship off the coasts of the UAE and Oman, outside the Strait of Hormuz, which accounts for about 20% of global oil supplies. This comes amid heightened tensions that have led to an increase in attempts to conceal tracking devices on oil tankers crossing the strait, in an effort to reduce the risk of attacks. With threats to shipping activities intensifying, suspicious activities recurring, and shipments expected to reach China in September, this move reflects a trend among producers and buyers to reduce reliance on the strait as a main route, amidst ongoing regional tensions that threaten global oil supplies.

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