Saudi Aramco Ramps Up Crude Exports from Ras Tanura, Shifts to Spot Pricing Model

Deep News07-02 17:30

According to data from shipping sources and trade insiders, at least five very large crude carriers (VLCCs) have sailed from the port of Ras Tanura through the Strait of Hormuz, carrying a total of 10 million barrels of Saudi crude oil. In a move to accelerate sales to the Asian market, Saudi Aramco has shifted to a spot pricing model.

Saudi Aramco has resumed crude loading operations at the world's largest oil port, Ras Tanura, as of Friday, following a nearly four-month suspension. The Saudi state-owned oil giant is increasing crude loading and shipment volumes destined for Asia, further exacerbating the current short-term oversupply in the crude market. Since the temporary peace agreement between the US and Iran, the price of Brent crude futures has fallen from nearly $120 per barrel in March to around $70 per barrel.

Multiple trade sources have revealed that, in addition to utilizing its own fleet of Bahri tankers for crude transport, the world's top crude exporter is now offering crude to Asian customers priced on a spot basis. This strategy aims to capture market demand amid intensifying competition among various crude suppliers.

Among the major Gulf producers, Saudi Aramco was one of the last to resume export operations from ports within the Gulf region. The company has declined to comment on this development.

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This strategy aims to capture market demand amid intensifying competition among various crude suppliers.<br><br>\nAmong the major Gulf producers, <b>Saudi Aramco</b> was one of the last to resume export operations from ports within the Gulf region. 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