Saudi Arabia Sells 60 Million Barrels of Oil Through Hormuz in September, October

Saudi Arabia sold approximately 60 million barrels of crude oil, according to trade sources cited by Reuters. These sales originated from the Ras Tanura port within the Strait of Hormuz, with shipments scheduled for loading in September and October, and subsequently transferred from one vessel to another off Oman's Sohar port. This surge in Saudi crude exports from the Gulf region is helping to partially offset a decline in shipments that previously transited through the Yanbu port on the Red Sea. The reduction in Yanbu shipments followed an attack by Houthi forces on the "East-West" pipeline, which slowed exports via that route and contributed to pressure on global oil prices. Among the largest buyers of these spot supplies are refineries in China and South Korea, with some shipments also bound for India and Japan.