4.6 million barrels listed! Saudi Arabia supplies crude oil on the spot market, a rare move

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War has disrupted the supply order of the world’s largest crude oil exporter. Recently, Saudi Aramco has taken the rare step of selling crude oil on the spot market through tenders, reflecting the deep shock that Middle East conflicts have caused to global crude oil trading flows.

According to Bloomberg, quoting informed traders, Saudi Aramco has issued offers for Arab Super Light, Arab Heavy, and its flagship Arab Light crude oil. The combined volume of these three grades listed in recent days is about 4.6 million barrels.

The de facto closure of the Strait of Hormuz has stranded numerous cargo ships, forcing Saudi Arabia to reroute its oil exports through the Red Sea, which triggered this unusual spot market sale.

This adjustment has been confirmed by shipping data. Bloomberg’s shipping data shows that so far this month, shipments from Saudi Arabia’s western ports have surged to about 2.3 million barrels per day, about 50% higher than any monthly shipment from these terminals since late 2016.

Spot market tenders break the norm, covering three major crude grades

Saudi Aramco usually supplies crude oil to customers only by long-term contracts; public tenders in the spot market are extremely rare, and this shift to spot channels is directly caused by the Strait of Hormuz blockade, which has made it impossible to deliver contract cargo through normal routes.

Bloomberg reports, citing informed traders, that this sale includes Arab Super Light, Arab Heavy, and the flagship Arab Light crude oil. In recent days, the combined supply is about 4.6 million barrels. The information on pricing and supply volume has not been confirmed officially.

Pipeline shipments surge, Red Sea becomes a key export route

Facing obstructions at the Strait of Hormuz, Saudi Arabia has chosen to transport an unprecedented volume of crude oil via pipeline to Yanbu port on the Red Sea for export.

Bloomberg shipping tracker data shows that this month, the dispatch rate from western ports is about 50% higher than the same type of month in recent years. This sharp increase fully reflects Saudi Arabia’s urgency in adjusting its export routes and means the Red Sea is bearing an exceptionally high shipping load.

OSP benchmark lags behind, spot premiums highlight market tightness

This tender’s offer is set at a premium to the March OSP benchmark. Because the OSP was set about a month ago—before the Middle East war broke out—the current spot market premium to some extent reflects the added risk premium caused by supply disruptions.

For crude market participants, Saudi Aramco’s rare spot tender and the resulting premium pricing are important signals measuring current supply pressures and market tightness.

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