Middle East Oil Nations Reportedly Preparing to Resume Exports via Strait of Hormuz; CPC Has Leased Oil Tankers
Middle Eastern oil-producing nations are reportedly preparing to resume crude oil exports via the Strait of Hormuz, with Indian and Korean refineries submitting loading plans for April and May. This follows a two-week ceasefire agreement between the US and Iran, raising hopes for the strait's reopening, though Iran has not yet shown signs of lifting its blockade. Saudi Aramco has requested customers' May loading plans, and Kuwait Petroleum Corporation and Iraq's SOMO have also provided loading dates and schedules. CPC has leased oil tankers in anticipation of the resumption of exports.
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Indian and Korean refineries are also looking for oil tankers, preparing to load Iraqi crude oil this month.
Reuters quoted three informed sources as disclosing that Middle Eastern oil-producing countries have asked Asian refineries to submit crude oil loading plans for April and May, in preparation for the eventual resumption of navigation through the Strait of Hormuz.
The United States and Iran agreed to a two-week ceasefire, igniting hopes for the reopening of the Strait of Hormuz. Before the outbreak of the Middle East war, about 20% of the world's oil and liquefied natural gas (LNG) transportation passed through this critical waterway.
However, there are currently no signs that the Tehran authorities will lift the almost complete blockade of the waterway. Iran's closure of the Strait of Hormuz has led to soaring global energy prices.
Two sources revealed that Saudi Aramco, the world's largest exporter, has asked customers to submit crude oil loading plans for May from the ports of Yanbu and Ras Tanura.
One of the sources said that this arrangement would depend on whether the eastern port of Ras Tanura could resume exports, as ships departing from that port must pass through the Strait of Hormuz. The source requested anonymity because they were not authorized to speak to the media.
Saudi Aramco informed buyers last month that they could only pick up crude oil from the port of Yanbu on the west coast of the Red Sea in April. The company currently transports crude oil to Yanbu via the 'East-West Pipeline' that spans the east and west coasts.
However, the Saudi Press Agency (SPA) quoted an energy ministry official yesterday as saying that attacks on Saudi energy facilities have reduced the country's daily crude oil production capacity by about 600,000 barrels, and the daily throughput of the East-West Pipeline has also shrunk by about 700,000 barrels.
In addition, two sources revealed that Kuwait Petroleum Corporation (KPC) has provided loading dates for Kuwait Export Crude (KEC) sold on a Free On Board (FOB) basis for April. One of them said that the process of designating cargo is underway, but it still depends on the customer's ability to pick up the goods.
Last month, Kuwait Petroleum Corporation declared force majeure on crude oil supplies because tankers could not enter the Persian Gulf to pick up goods.
Earlier this week, Iraq's State Organization for Marketing of Oil (SOMO) also asked customers to submit loading schedules. Earlier media reports indicated that Iran had exempted Iraq from the Strait of Hormuz transit restrictions. (Compiled by Liu Shu-qin) 1150410
Reuters quoted three informed sources as disclosing that Middle Eastern oil-producing countries have asked Asian refineries to submit crude oil loading plans for April and May, in preparation for the eventual resumption of navigation through the Strait of Hormuz.
The United States and Iran agreed to a two-week ceasefire, igniting hopes for the reopening of the Strait of Hormuz. Before the outbreak of the Middle East war, about 20% of the world's oil and liquefied natural gas (LNG) transportation passed through this critical waterway.
However, there are currently no signs that the Tehran authorities will lift the almost complete blockade of the waterway. Iran's closure of the Strait of Hormuz has led to soaring global energy prices.
Two sources revealed that Saudi Aramco, the world's largest exporter, has asked customers to submit crude oil loading plans for May from the ports of Yanbu and Ras Tanura.
One of the sources said that this arrangement would depend on whether the eastern port of Ras Tanura could resume exports, as ships departing from that port must pass through the Strait of Hormuz. The source requested anonymity because they were not authorized to speak to the media.
Saudi Aramco informed buyers last month that they could only pick up crude oil from the port of Yanbu on the west coast of the Red Sea in April. The company currently transports crude oil to Yanbu via the 'East-West Pipeline' that spans the east and west coasts.
However, the Saudi Press Agency (SPA) quoted an energy ministry official yesterday as saying that attacks on Saudi energy facilities have reduced the country's daily crude oil production capacity by about 600,000 barrels, and the daily throughput of the East-West Pipeline has also shrunk by about 700,000 barrels.
In addition, two sources revealed that Kuwait Petroleum Corporation (KPC) has provided loading dates for Kuwait Export Crude (KEC) sold on a Free On Board (FOB) basis for April. One of them said that the process of designating cargo is underway, but it still depends on the customer's ability to pick up the goods.
Last month, Kuwait Petroleum Corporation declared force majeure on crude oil supplies because tankers could not enter the Persian Gulf to pick up goods.
Earlier this week, Iraq's State Organization for Marketing of Oil (SOMO) also asked customers to submit loading schedules. Earlier media reports indicated that Iran had exempted Iraq from the Strait of Hormuz transit restrictions. (Compiled by Liu Shu-qin) 1150410
FAQ
What did Saudi Aramco request from its customers regarding May crude oil exports?
Saudi Aramco requested customers' May loading plans for crude oil exports.
Which company has leased oil tankers in anticipation of resumed exports through the Strait of Hormuz?
CPC has leased oil tankers in anticipation of resuming oil exports via the Strait of Hormuz.
What action did Kuwait Petroleum Corporation take concerning April and May oil shipments?
Kuwait Petroleum Corporation provided loading dates and schedules for April and May oil shipments.
What date-related plans have Indian and Korean refineries submitted for crude oil deliveries?
Indian and Korean refineries have submitted loading plans for crude oil deliveries in April and May.
What is the significance of the two-week ceasefire agreement between the US and Iran for oil exports?
The two-week ceasefire agreement has raised hopes for resuming oil exports through the Strait of Hormuz.