Saudi Aramco has significantly increased crude oil exports from Ras Tanura, the world’s largest oil export terminal, after resuming operations following a nearly four-month suspension. At least five supertankers carrying a combined 10 million barrels of Saudi crude have already passed through the Strait of Hormuz, signalling a major rise in shipments to Asian markets.
The company has also introduced spot pricing for selected cargoes instead of relying solely on its traditional long-term contracts with official selling prices. This strategy is designed to accelerate sales and attract buyers as competition among Middle Eastern oil suppliers intensifies following easing regional tensions and improved market conditions.
The increase in exports comes as global oil prices remain under pressure, with Brent crude falling to around $70 per barrel from nearly $120 in March. Market analysts attribute the decline to improving supply conditions after the interim US-Iran peace agreement, which encouraged additional crude shipments and reduced concerns over disruptions in regional energy supplies.
Trade sources said Saudi Aramco has offered around six million barrels of July-loading crude to its regular Asian customers at highly competitive prices. Chinese refiners are reportedly among the main buyers, while industry participants now expect the company to announce significant reductions in its official selling prices for August cargoes to maintain strong demand.
Shipping data also shows that two very large crude carriers are heading to Japan, while another two are bound for China. Additional tankers remain positioned near Ras Tanura, with several waiting to load more crude. Before regional tensions disrupted exports, the Saudi oil terminal regularly shipped more than five million barrels of crude per day, highlighting its critical role in global energy markets.