Key facts
- Saudi Aramco resumed crude oil loadings from terminals within the Strait of Hormuz.
- The pause in loadings lasted three weeks.
- Three Very Large Crude Carriers (VLCCs) loaded approximately 2 million barrels each between August 12 and August 16.
- Saudi Arabia may utilize its own Bahri-operated tankers for future transits through the strait.
- Alternative export routes, such as through the Red Sea port of Yanbu, are facing significant limitations.
Saudi Aramco has resumed crude oil loadings from its Ras Tanura and Juaymah terminals located within the Strait of Hormuz, ending a three-week pause. This decision follows a period of heightened tensions and attacks on tanker fleets during the U.S.-Iran conflict. Three Very Large Crude Carriers (VLCCs) loaded approximately 2 million barrels each between August 12 and August 16, with six more potentially loading later this month. The company may deploy its own Saudi-controlled Bahri tankers for future transits, alongside vessels operated by South Korea's Sinokor.
Despite the resumption of loadings through the strait, Saudi exports have not fully returned to normal. Aramco continues to offer crude to Asian refiners via ship-to-ship transfers off Fujairah, allowing buyers to receive Saudi barrels without transiting Hormuz. Meanwhile, an alternative route through the Red Sea port of Yanbu faces significant challenges due to a Houthi blockade, with expected loadings from Egypt's Sidi Kerir terminal substantially lower than previous volumes through Yanbu. These longer voyages and increased freight costs make the workaround less attractive.