Saudi Arabia to ship 60 million barrels from Ras Tanura via Oman's Sohar

Saudi Arabia has sold approximately 60 million barrels of crude from its Ras Tanura port for loading through ship-to-ship transfers at Oman's Sohar port this month and next, according to trade sources. The volumes are being lifted from inside the Strait of Hormuz, marking a rebound in Saudi oil exports from the Gulf.

The increased supply has weighed on global oil prices, which fell by more than a dollar a barrel on Friday. Traders attributed the decline to expectations that Saudi Arabia could restore roughly half the capacity of its East-West pipeline within days, alongside the additional cargoes being offered to Asian refiners through transfers off Sohar.

The extra shipments could partially offset lost volumes from the Red Sea port of Yanbu, where exports have slowed following an attack on the East-West pipeline by Yemeni Houthis.

Refiners in China and South Korea are among the largest buyers of the spot supplies, with some volumes also headed to India and Japan, the sources said. Saudi Aramco did not immediately respond to a request for comment outside of office hours.