Saudi Aramco Resumes Oil Shipments from Strait of Hormuz

Saudi Aramco has resumed commercial oil loading from inside the Strait of Hormuz following a several week pause caused by an escalation in the US and Iran conflict. Shipping data and trade sources indicate that three very large crude carriers, the Malaysia Prosperity, Algeria Prosperity, and Singapore Prosperity, each loaded 2 million barrels of crude from the Ras Tanura and Juaymah terminals between August 12 and 16. Data from Kpler and Vortexa showed a three week gap in loading at these ports prior to this resumption. Saudi Aramco has since offered Arab Medium and Arab Heavy crude cargoes to Asian refiners for loading via ship to ship transfers off Fujairah in the United Arab Emirates. Six additional very large crude carriers may load oil from inside the strait later this month. While shipments through the Strait of Hormuz have resumed, Saudi oil exports remain curtailed due to a blockade by Iran backed Houthi rebels in the Red Sea. To mitigate this, Aramco diverted exports to the port of Yanbu and offered cargoes from Egypt's Sidi Kerir port. However, analysts suggest the Sidi Kerir option is less effective because Chinese customers are dissatisfied with high freight costs and long voyages. Saudi Aramco and the tanker owner Sinokor did not provide comments on the matter.