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Trade barriers placed on foreign products are mistakenly considered a benefit by many politicians, when in fact they hurt their own citizens and economy and in turn make exports more difficult. Photo: file
SINGAPORE:
Saudi Aramco has offered more than four million barrels of Saudi crude in rare tenders as the US-Iran conflict disrupts exports from the Middle East, several traders said.
The state oil company is attempting to re-route some of its crude exports through the Red Sea to avoid the Strait of Hormuz, where roughly a fifth of global oil and liquefied natural gas flows. Iraq and Kuwait are among Middle Eastern producers to have begun cutting oil output amid the virtual closure of the strait. In a tender that closed at 0900 GMT on Monday, Aramco offered two million barrels of Arab Heavy crude loading at Egypt’s Ain Sokhna port. The loading date, subject to confirmation, is from March 10 to March 30, according to a tender document shared by traders. The sale, on a free-on-board basis, is destined for Asia.
In a separate tender which, closed on Sunday, Aramco offered 650,000 barrels of Arab Light crude on a cost and freight (CFR) basis, traders said.
