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Saudi Aramco to supply more oil outside Hormuz in September
Saudi Aramco has announced an additional volume of oil available for export outside the Strait of Hormuz in September, following the sale of at least 4 million barrels to buyers in China in August. The company is, for the second consecutive day, selling "Arab Medium" and "Arab Heavy" crudes through transfer operations from one ship to another off the coast of Fujairah and Oman, as part of efforts to reduce dependence on passing through the Strait of Hormuz, through which approximately 20% of global oil supplies are transported, amid rising tensions with Iran. Data indicates that massive tankers carrying around 4 million barrels of Saudi oil are heading to China after these transfer operations, reflecting a trend among producers and buyers to avoid the risks of shipping through the strait. These measures are part of strategies to reduce reliance on the strategic location and to address threats impacting global energy movement.
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