Saudi Aramco Resumes Oil Loadings at Ras Tanura After Four-Month Suspension -

Saudi Aramco resumed crude oil loadings at its Ras Tanura export terminal on Friday, ending a nearly four-month suspension, according to LSEG shipping data, in a sign that Middle Eastern producers are moving ahead with plans to increase exports despite renewed security concerns in the Strait of Hormuz.

The data showed two Very Large Crude Carriers (VLCCs) operated by Saudi shipping company Bahri loading crude at Ras Tanura, while a third vessel waited offshore. Each VLCC can carry up to two million barrels of oil.

Ras Tanura, the world’s largest oil export terminal, had not loaded a cargo since March 8, when exports were diverted to the Red Sea port of Yanbu following disruptions caused by the conflict involving Iran, the United States and Israel. Saudi crude exports fell to around 4 million barrels per day over the past three months from more than 7 million bpd in February.

The resumption comes despite fresh security concerns after a cargo vessel reported a suspected attack near the coast of Oman while transiting the Strait of Hormuz on Thursday. The incident prompted the UK Maritime Trade Operations (UKMTO) agency to suspend escort operations through the strategic waterway.

Meanwhile, regional producers including Iraq, Kuwait, the United Arab Emirates and Qatar are increasing crude exports, while Iran is also accelerating shipments following a temporary easing of U.S. sanctions.

Oil prices fell more than $1 a barrel on Friday as improving regional supply outweighed concerns over the latest security incident.-ERMD

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