Saudi Aramco Resumes Crude Exports from Ras Tanura After Four-Month Suspension
Global oil prices declined by more than $1 per barrel on Friday as markets reacted to increased crude supplies from the Gulf region, following the resumption of exports from Saudi Arabia's Ras Tanura terminal.
Saudi Aramco, the world's largest energy exporter, has restarted crude oil shipments from the Ras Tanura port after a disruption of nearly four months caused by the Gulf conflict that began in early March, according to shipping data from LSEG.
The data showed that two Very Large Crude Carriers (VLCCs) operated by Saudi shipping company Bahri were loading crude at the terminal on Friday, with a third tanker waiting offshore. Each VLCC can carry up to 2 million barrels of oil.
The restart follows an interim agreement between the United States and Iran that eased tensions and reopened the Strait of Hormuz, a vital shipping route carrying approximately one-fifth of the world's oil and liquefied natural gas. This development has allowed oil producers across the Middle East to gradually bring exports back online.
The resumption of exports from Ras Tanura, one of the largest oil export terminals in the world, is expected to contribute to a stabilization of global crude supplies. Market analysts have noted that increased supply from the Gulf region could help offset recent production cuts by other major oil producers.
