Aramco offers more oil outside hormuz for september some cargoes bound for china
Aramco offers more oil outside hormuz for september some cargoes bound for china
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Desk Analysis
How This Affects the Exchange
Sector Effect
Negative · Do not buy
Cautious read for Oil & Gas, Power, Transport — price/volume reaction may stay soft near-term.
Sectors & Direction
Desk read
Desk call: Do not buy · Negatively affected
- Oil & GasNegatively affected
- PowerNegatively affected
- TransportNegatively affected
Companies
Mentions in This Briefing
Sectors: Oil & Gas, Power, Transport — Negative · Do not buy. PSX tickers: OGDC, PPL, MARI, PSO, SNGP, ATRL. Cautious read for Oil & Gas, Power, Transport — price/volume reaction may stay soft near-term.
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Open on ProfitAramco offers more oil outside hormuz for september some cargoes bound for china
Saudi Aramco has offered additional oil for loading outside the Strait of Hormuz in September, four sources with knowledge of the matter said Wednesday, following the sale of at least 4 million barrels to China this month.
Shipping data indicates Aramco has resorted to moving cargoes aboard tankers with their trackers switched off, in an apparent effort to evade attacks during transit through the strait, which handled about a fifth of the world's oil and gas trade before the US-Iran war began on February 28. Aramco declined to comment.
For a second consecutive week, Aramco has started a sales process for Arab Medium and Arab Heavy crude with Asian buyers, offering cargoes via ship-to-ship (STS) transfers off Fujairah in the UAE or Sohar in Oman — both located outside the strait, according to the sources. Bids are due by Wednesday, one source said.