Aramco Resumes Loading at Ras Tanura After Four Months; Brent Falls to $70

Saudi Aramco resumed crude loading at Ras Tanura, the world's largest oil terminal, on June 27, following nearly four months of suspension caused by the closure of the Strait of Hormuz. At least five supertankers carrying a combined 10 million barrels have already departed for Asian destinations, according to LSEG data and sources cited by Reuters.

The terminal, which had exported more than 5 million barrels per day (mb/d) before the U.S.-Iran conflict, resumed operations after the bilateral truce of June 17 restored safe passage through Hormuz. During the suspension, Saudi Arabia rerouted part of its production through the East-West Pipeline to the port of Yanbu on the Red Sea, but total Saudi exports fell from 7 mb/d in February to around 4 mb/d. Ras Tanura's restart adds immediate supply to an Asian market that was already showing a localized surplus, accelerating Brent's decline from $120 per barrel in March to around $70 in July.

Aramco adjusted its commercial strategy to offload accumulated crude: rather than relying exclusively on long-term contracts at its Official Selling Prices (OSPs), the company offered at least 6 million barrels for July delivery in the spot market, an unusual move for the Saudi state oil company. OSP premiums for Asia, set in early June, sit between $6 and $10 per barrel, while competing Middle Eastern crudes are already trading at a discount following progress in peace negotiations. Sources cited by Reuters described the spot price as "very attractive" for Chinese buyers. Consulting firm Rystad Energy estimated that Gulf production disruptions brought output down from 11.7 mb/d to 9.6 mb/d over three weeks, with a full recovery projected by year-end, according to CNBC.

Brent's trajectory, from $120 per barrel in March to around $70 in July, has a direct effect on the pricing formula for Mexico's export blend, the Mexican Mix, Pemex's reference crude. The signal to watch in the coming weeks is Aramco's August OSPs: traders consulted by Reuters expect a significant cut, in line with the broader downward trend in global crude prices.

This article was drafted with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.