Reuters: Saudi Aramco exports oil to Asia outside Strait
Saudi Aramco has launched a new strategy to sell crude oil shipments outside the Strait of Hormuz through specialized negotiations with Asian refineries, similar to the approach adopted by ADNOC. The offers include the sale of Arabic medium and heavy crude from the Fujairah port on a ship-to-ship transfer basis, with shipments expected to be loaded in September. This move is part of Aramco's efforts to overcome oil supply disruptions caused by wars and attacks in the Strait of Hormuz and the Red Sea, as it has been redirecting shipments to other ports such as Yanbu and Sidi Kerir. As a result of these measures, ADNOC continues to export hundreds of millions of barrels, while Aramco’s market share in Asia has diminished due to security risks hindering the passage of oil tankers through the strait.
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