Saudi oil exports jump as Hormuz traffic rebounds

Saudi Arabia is exporting its largest volume of crude oil from within the Persian Gulf since the conflict linked to tensions with Iran disrupted shipping through the Strait of Hormuz, Bloomberg reported on Thursday, July 2, citing ship-tracking data.

Four supertankers loaded at the kingdom’s main export terminal at Ras Tanura passed through the Strait of Hormuz and entered the Gulf of Oman on Thursday. The vessels, all owned by Saudi shipping company Bahri, are carrying a combined cargo of about 8 million barrels of crude.

The movement represents the largest number of Saudi supertankers to transit the strategic waterway since an interim peace agreement between the United States and Iran took effect roughly two weeks ago, allowing traffic to resume.

The ships are part of a broader group of very large crude carriers, each exceeding 300 meters in length, that entered the Persian Gulf late last month before loading at Ras Tanura, one of the world’s largest oil export facilities.

The latest flows add to evidence that Saudi Arabia, the largest producer in OPEC, is increasing shipments as navigation through Hormuz normalises. The reopening of the route followed a US-Iran understanding to restore access to the chokepoint while negotiations continue over ending the conflict.

Additional signs of increased supply emerged earlier this week, when Bloomberg reported that state oil company Saudi Aramco had conducted rare spot sales totalling at least 6 million barrels to buyers in Asia, including South Korea, Japan and China. Such transactions are uncommon for Aramco, which typically supplies customers under long-term contracts.

Shipping activity through the Strait of Hormuz has picked up in recent days, with vessels often travelling in convoys to mitigate risks. Most ships are using a US-administered transit corridor in Omani waters, though some routes pass closer to Iran’s coastline, according to the report.

Another Saudi-owned tanker also exited the Hormuz earlier in the week. Only a limited number of Saudi tankers remain in the Persian Gulf, with several vessels near Ras Tanura already fully loaded or recently departed.

The Strait of Hormuz is one of the world’s most critical energy chokepoints, linking Gulf producers to global markets and handling a substantial share of seaborne crude oil and liquefied natural gas flows.

By Tamilla Hasanova