Saudi Aramco Resumes Crude Oil Loadings at Ras Tanura After Four-Month Suspension

Saudi Aramco resumed crude oil loadings at the Ras Tanura export terminal for the first time in nearly four months, signaling a broader recovery in Gulf energy exports as regional producers move to restore shipments following the reopening of the Strait of Hormuz.

Shipping data from the London Stock Exchange Group (LSEG) showed that loading operations restarted on Friday at Ras Tanura, the world's largest offshore oil export terminal. The development comes as Middle Eastern producers ramp up exports in anticipation of a full recovery in global energy trade after the temporary ceasefire agreement between the United States and Iran reopened the strategic waterway.

The resumption occurred despite renewed security concerns after a Taiwan-based Evergreen Marine cargo vessel was struck by an unidentified object while transiting the Strait of Hormuz on Thursday, underscoring the continued fragility of maritime security in the region.

According to shipping records, two Saudi Bahri very large crude carriers (VLCCs), each capable of transporting approximately two million barrels of crude, were loading cargoes at Ras Tanura, while a third vessel waited offshore for its turn to berth.

Saudi Aramco did not immediately comment on the restart outside normal business hours.

Located on Saudi Arabia's eastern Gulf coast, west of the Strait of Hormuz, Ras Tanura handled more than five million barrels of crude oil exports per day before the regional conflict. The site also houses the kingdom's largest domestic refinery, with a processing capacity of 550,000 barrels per day, which was temporarily shut down as a precaution during the conflict.

Shipping data indicate that the terminal's last crude export departed on March 8, bound for China. Following the closure of the Strait of Hormuz during the conflict involving Iran, the United States, and Israel, Saudi Arabia redirected all crude exports through the Red Sea port of Yanbu.

The disruption reduced Saudi crude exports to roughly four million barrels per day over the past three months, down from more than seven million barrels per day recorded in February.

Global oil prices fell by more than $1 per barrel on Friday after briefly rising on news of the attack on the cargo vessel. Traders increasingly focused on recovering supplies, with crude shipments through the Strait of Hormuz climbing this week to their highest levels since the conflict began.

Market participants also expect Saudi Aramco to announce significant reductions to its official selling prices for August cargoes next week as regional producers compete to regain market share.

Iraq's State Oil Marketing Organization (SOMO) and Qatar have issued fresh crude tenders following similar export initiatives by Kuwait and the United Arab Emirates. Meanwhile, Iran has accelerated petroleum exports after the United States temporarily eased sanctions, with shipping data showing two empty VLCCs entering the Gulf on Friday to load crude.

Export flows from the UAE also continued uninterrupted, with fully loaded tankers departing through the Strait of Hormuz and additional cargoes moving toward Zirku Island.

Energy consultancy Rystad Energy said the recovery in Gulf oil production is gathering momentum. Aditya Saraswat, the firm's Head of Middle East and North Africa Research, noted that approximately two million barrels per day have returned to global markets within the past three weeks, reflecting a broad improvement in regional supply conditions.

Rystad estimates that disrupted production across Gulf producers has declined to 9.6 million barrels per day by mid-June, compared with 11.7 million barrels per day three weeks earlier. The consultancy expects the region's oil production and export capacity to return fully to pre-conflict levels by the end of the year.