Reuters: Aramco Boosts Exports from Ras Tanura
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At least five supertankers carrying a total of 10 million barrels of Saudi crude oil loaded at Ras Tanura have left the Strait of Hormuz, according to trade sources and shipping data, as Saudi Aramco switched to spot pricing to accelerate sales in Asia.
Aramco resumed loadings from Ras Tanura, the world's largest oil port, on Friday. The company is ramping up loadings and shipments to Asia, adding to the spot surplus that has pushed Brent crude prices down to around $70 a barrel from nearly $120 in March following the preliminary peace agreement between the United States and Iran.
In addition to using a fleet of tankers belonging to Bahri to deliver the shipments, the company offered its Asian customers spot prices to attract demand.
Original source: Maaal
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