Aramco to up oil exports to 60 mn barrels in September, October

SINGAPORE/NEW DELHI: Saudi Arabia has sold about 60 million barrels of crude from its Gulf port of Ras Tanura inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, multiple trade sources said on Friday.

The rebound in state oil company Saudi Aramco's exports from inside the Gulf to 1 million to 1.5 million barrels per day on average, similar to or slightly higher than August's levels, has cooled global oil prices as it could make up for some of the volume lost at its Red Sea port of Yanbu, where exports slowed after the East-West pipeline was attacked.

Chinese and South Korean refiners are among the top buyers of the spot supplies, while some volumes will be going to India and Japan, said the sources, who spoke on condition of anonymity.


Saudi Aramco did not immediately respond to a request for comment outside of office hours.

Global oil futures fell more than $1 a barrel on Friday on reports that Saudi Arabia was seeking to increase its capacity.