Saudi Aramco has resumed oil loading at the Ras Tanura oil terminal after an almost four-month hiatus. This occurred amidst a decline in global oil prices.
It is known that two VLCC-class supertankers operated by the Saudi shipping company Bahri are currently being loaded at Ras Tanura, the largest oil terminal in the world. Another vessel is waiting nearby. Each of these VLCCs can transport up to 2 million barrels of oil. Meanwhile, global oil prices continue to fall. Brent crude fell by 3.28%, and WTI by 3.42%, to $73.02 and $69.46 per barrel, respectively.
Prior to this, three supertankers flying the Saudi Arabian flag sailed through the Strait of Hormuz, transporting 6 million barrels of crude oil following an agreement between the US and Iran to end the conflict. This is the largest passage of tankers through the strait in recent weeks. The resumption of oil loading at Ras Tanura has a significant impact on the global oil market, as it increases the amount of available oil on the global market, which may contribute to further price declines.
| Oil Grade | Price per Barrel ($) | Change (%) |
|---|---|---|
| Brent | 73.02 | -3.28 |
| WTI | 69.46 | -3.42 |
