Saudi Arabia Sells 60 Million Barrels of Crude for Shipment Through Strait of Hormuz

Saudi Arabia has sold approximately 60 million barrels of crude oil from its Ras Tanura port for loading in September and October, with the shipments scheduled to be transferred between vessels off the coast of Oman’s Sohar port, Reuters reported, citing trade sources.

The resurgence in Saudi crude exports from the Gulf is helping offset part of the decline in shipments through Yanbu on the Red Sea, following a Houthi attack on the East-West oil pipeline that disrupted exports along the route and contributed to pressure on global oil prices.

According to the sources, refineries in China and South Korea are among the largest buyers of spot supplies, while some of the shipments are expected to be delivered to India and Japan.