Saudi crude exports from Gulf hit highest since Iran war truce: Report

Saudi Arabia is exporting its largest volume of crude from inside the Persian Gulf since the Iran war disrupted traffic through the Strait of Hormuz, as oil flows recover following an interim peace deal between Washington and Tehran, Bloomberg reported Thursday.

Four supertankers loaded at Saudi Arabia’s main export hub of Ras Tanura entered the Gulf of Oman on Thursday after passing through Hormuz, according to ship-tracking data compiled by Bloomberg.

The vessels, all owned by Saudi tanker company Bahri, are carrying about 8 million barrels of crude.

The movement marks the largest number of Saudi supertanker exits through the waterway since the peace pact took effect around two weeks ago.

The ships are part of a larger group of vessels more than 300 meters long that entered the Persian Gulf late last month before loading at Ras Tanura, one of the world’s largest crude-export facilities.

The latest tanker movements add to signs that Saudi Arabia, OPEC’s largest producer, is ramping up oil shipments as traffic through Hormuz returns after the US and Iran agreed to reopen the strategic waterway while negotiating an end to the war.

On Wednesday, Bloomberg reported that state oil giant Saudi Aramco had made rare spot crude sales totaling at least 6 million barrels to buyers in Asia, including customers in South Korea, Japan and China.

The spot sales were seen as unusual because Aramco typically relies on long-term supply agreements with customers.

Traffic through the Strait of Hormuz has increased in recent days, with vessels moving more frequently in convoys to pass through the chokepoint.

Ships are generally using a US-administered corridor in Omani waters, although some vessels are also taking routes closer to Iran’s coast, according to the report.

Another Saudi-owned tanker loaded at Ras Tanura also exited Hormuz earlier this week.

Only a limited number of Saudi oil tankers remain inside the Persian Gulf, with two of four vessels near Ras Tanura were signaling they were fully loaded, while another appeared to have loaded at the port in recent days.

The Strait of Hormuz is one of the world’s most important energy chokepoints, linking Persian Gulf producers with global markets and carrying a significant share of seaborne crude and liquefied natural gas trade.