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Market Chatter: Saudi Aramco Reportedly Boosts Oil Offerings Outside Strait of Hormuz

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Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, increased the volume of oil it is offering for loading outside the Strait of Hormuz for deliveries in September, Reuters reported Wednesday, citing sources familiar with the matter.

The Saudi state-owned oil giant reportedly launched a sales process for Arab Medium and Arab Heavy crude to Asian buyers, with deliveries via ship-to-ship transfers off Fujairah in the United Arab ​Emirates or Sohar in Oman, with bids reportedly due Wednesday.

The move follows the sale of 4 million barrels of heavier crude grades to Chinese companies PetroChina and Sinochem last week. Aramco is said to be switching off trackers on its tankers carrying cargoes during transit through the strait following disruptions amid the Middle East conflict.

Saudi Aramco did not immediately respond to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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