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Saudi Arabia is considering expanding the capacity of its crude oil pipeline to the western Red Sea coast, five sources close to the matter said, enabling the kingdom and possibly neighbours to transport more oil without crossing the Strait of Hormuz.
At least five supertankers carrying a total 10 million barrels of Saudi oil loaded from Ras Tanura have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed sales in Asia, according to trade sources and shipping data.
Aramco is considering expanding its global oil-storage network after the Iran war exposed the importance of strategic reserves in keeping crude flowing to customers.
Saudi Arabian oil giant Aramco is considering expanding its storage capacity around the world after energy supplies through the Strait of Hormuz were disrupted by the Iran war, Aramco Chairman Yasir Al-Rumayyan said on Thursday.
Saudi Arabia's crude oil sales to China are expected to remain at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.
Saudi Aramco set the official selling price for July loadings of its Arab Light crude to Asia at $9.50 above regional benchmarks, down from a premium of $15.50 a barrel in June.
Saudi Arabia has cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, as expected, as spot premiums eased on slow demand despite supply disruptions driven by the U.S.-Israeli war with Iran.
Saudi Arabia is expected to burn more imported fuel oil for power generation this summer following a loss of natural gas supply from oilfields that have been shut after the Iran war curbed its oil exports, analysts said.