Saudi Aramco has informally told at least three Asian refiners they may soon be able to pick up crude from Saudi Arabia’s Red Sea port of Yanbu, according to traders familiar with the matter.
Executives at the state-run oil company gave the refiners assurances about future loadings, although Aramco provided no timeline, the traders said. Some customers have already missed scheduled Yanbu loading dates and have vessels near the port or heading there.
Yanbu loadings have largely stopped since the East-West pipeline, which carried about 4 million barrels per day to the port, came under drone attack on September 10. Aramco has declined to comment on the planned restart.
Since the attack, Saudi Arabia has increased crude exports to Asia from its Ras Tanura terminal in the Persian Gulf. Buyers can receive some of these supplies through ship-to-ship transfers in the Gulf of Oman after the cargoes pass through the Strait of Hormuz.
The latest assurances follow Aramco’s efforts in August to keep Asian customers supplied through alternative routes. The company held talks with several refiners to offer Arab Medium and Arab Heavy crude through ship-to-ship transfers off Fujairah in the UAE amid disruptions in the Strait of Hormuz.
Aramco had also redirected Arab Light crude to Yanbu and offered additional cargoes from Egypt’s Mediterranean port of Sidi Kerir as attacks disrupted Red Sea shipping. The company’s latest move suggests it is continuing to adjust export routes as it works to maintain supplies to Asian markets.