Saudi Arabia resumes oil loadings, sales from inside Strait of Hormuz
XLE•Sidi Kerir exports remain curtailed
However, Saudi oil exports remain curtailed as the producer faces a blockade by the Yemeni Houthis in the Red Sea, where Aramco diverted its exports to the port of Yanbu earlier during the Iran war.
The producer has offered additional crude cargoes for loading from Egypt's Mediterranean port of Sidi Kerir as an alternative, but the volume is a fraction of the pre-blockade level of 4 million barrels per day exported from Yanbu while additional shipping costs and longer voyages are deterring purchases.
About 670,000 barrels per day of Middle Eastern crude are expected to be loaded at the Sidi Kerir port for Asia this month, Kpler data showed, from zero in the previous three months.
"This shows that the Sidi Kerir offering to Asia is likely not working, as its Asian customers, at least the Chinese, are not happy with the long voyages and high freight cost," said Emma Li, Vortexa's China market analyst.
