Saudi Aramco offers crude outside Hormuz to some Asian refiners, sources say
RoydadNaft – Saudi Aramco is offering crude oil outside the Strait of Hormuz to some Asian refiners through private negotiations, two sources with knowledge of the matter said on Monday, in a strategy similar to that adopted by United Arab Emirates’ Abu Dhabi National Oil Co (ADNOC).
In a rare move, Aramco is in talks with buyers to supply Arab Medium and Arab Heavy crude via ship-to-ship (STS) transfers off Fujairah in the UAE, the sources said. One of them said the cargoes were for September loading.
It was not immediately clear how Aramco moved its cargoes out to Fujairah. The offers are the latest sign of crude supplies finding their way around the prolonged disruption to the Strait of Hormuz.
Aramco declined to comment.
In contrast, sustained shipment of crude from inside the Gulf to waters outside the Strait have helped boost UAE’s oil sales with ADNOC selling more than 100 million barrels through tenders.
The arrangements allow Asian refiners to receive crude without sending their own tankers through the strait, where security concerns have deterred many shipowners from entering.
