Saudi Aramco Raises Ras Tanura Exports and Shifts More Sales to Spot Pricing

At least five very large crude carriers carrying a combined 10 million barrels of Saudi crude departed Ras Tanura port and had cleared the Strait of Hormuz, trade sources and shipping data showed. According to Jin10, Saudi Aramco has been increasing exports from Ras Tanura and shifting more sales to a spot-pricing mechanism to speed deliveries to Asian markets. The company resumed loading operations on Friday at Ras Tanura, described as the world’s largest oil port, after a suspension of nearly four months. Saudi Arabia’s national oil company has been accelerating shipments and deliveries to Asia, adding to an oversupply in the spot market, trade sources said. The sources said that in addition to using the Bahri tanker fleet for transportation, the world’s largest crude exporter has been offering spot-priced crude to Asian customers to stimulate demand amid intensifying competition among suppliers.