At least five ultra large crude carriers (VLCCs), carrying a total of 10 million barrels of Saudi oil loaded from the Ras Tanura port, have already exited the Strait of Hormuz, while Saudi Aramco turns to sales with spot prices in order to accelerate sales toward Asia, according to commercial sources and shipping tracking data.
Saudi Aramco restarted loadings from Ras Tanura, the largest oil port in the world, last Friday, following a disruption of almost four months.
Shipments to Asia increase
The state oil company of Saudi Arabia is gradually increasing loadings and shipments toward Asia, reinforcing the immediate supply in the market, a fact that has contributed to the retreat of Brent to approximately 70 dollars per barrel, from nearly 120 dollars in March after the temporary peace agreement between the United States and Iran.
Sales with spot prices to attract buyers
In addition to using the tanker fleet of Bahri for the transport of the cargoes, Saudi Aramco offered its crude oil to Asian customers with spot prices, in an effort to reinforce demand as competition between suppliers intensifies.
Multiple commercial sources, who requested to maintain their anonymity due to the sensitivity of the issue, mentioned that this specific strategy aims at the acceleration of sales.
Saudi Aramco, one of the last major Gulf oil companies to resume exports from the Persian Gulf, refused to comment on the information.
The sales model changes temporarily
Usually, Saudi Aramco disposes of its oil through long term contracts, using the official selling prices (OSPs), which it announces every month.
However, the OSP prices for the July cargoes toward Asia, which were determined in early June, continue to be formed with a premium from 6 to 10 dollars per barrel.
At the same time, most oil sales from other Middle East producers for July and August deliveries are now taking place with discounts, after the progress in the peace talks between the US and Iran and as most refineries have already covered their needs until August.
Attractive offers to China
One of the sources mentioned that approximately 6 million barrels of crude oil with loading within July have been offered to the traditional Asian customers of Saudi Aramco.
Another source characterized the pricing "very attractive" especially for the Chinese buyers.
The traders estimate that Saudi Aramco will proceed to a significant reduction of the official selling prices for the August cargoes.
Tankers head toward China and Japan
According to data from LSEG and Kpler, two of the five ultra large crude carriers that have already passed the Strait of Hormuz are heading toward Japan, while another two have as destination China.
The Quanzhou refinery of Sinochem is expected to receive 2 million barrels, while another 2 million barrels are heading toward the Lianyungang port, where Shenghong Petrochemical is located.
In parallel, yet another four VLCCs are located near the Ras Tanura port, of which three are waiting to load and one is already fully loaded.
Ras Tanura returns to full operation
The Ras Tanura is located on the eastern coasts of Saudi Arabia, in the Persian Gulf, west of the Strait of Hormuz.
Before the start of the conflict, when the United States and Israel attacked Iran, the port exported more than 5 million barrels of crude oil daily.
During the war, Saudi Aramco closed pre emptively its largest refinery in Ras Tanura, of a capacity of 550,000 barrels daily, in order to restrict the risks for its installations.
www.bankingnews.gr
Σχόλια αναγνωστών