Supertanker loads at Saudi Arabia’s Ras Tanura for first time in weeks

A supertanker was spotted loading crude at Saudi Arabia's Ras Tanura export complex inside the Persian Gulf for the first time in nearly a month, according to satellite imagery analyzed by Bloomberg, as the kingdom works to maintain oil exports amid disruptions to both its main shipping corridors.

Satellite Evidence Shows Resumed Loading

A satellite image captured Tuesday by the European Union's Sentinel 2 orbiter shows a very large crude carrier moored at one of Ju'aymah's single-point moorings, part of the larger Ras Tanura complex, Bloomberg reported on Wednesday. The vessel is capable of loading approximately 2 million barrels of crude. The last confirmed sighting of a tanker at the facility was in mid-July, though gaps in satellite coverage mean other vessels may have called in the interim.bloomberg

The loading marks a tentative resumption of Gulf-side exports after months of disruption. Saudi Aramco first resumed loadings at Ras Tanura in late June after a near four-month halt caused by the Iranian blockade of the Strait of Hormuz during the U.S.-Iran conflict. But renewed threats from Yemen's Houthis, who declared a maritime blockade on Saudi ports in July, forced tankers carrying Saudi crude to reverse course in the Red Sea, effectively squeezing both of the kingdom's export routes simultaneously.aljazeera+3

Storage Swells as Export Routes Narrow

The dual disruption has pushed Saudi Arabia's onshore crude inventories to their highest levels in over a decade, according to TradeWinds. The kingdom's total crude exports fell to approximately 4.19 million barrels per day in July, well below normal capacity, while U.S. imports of Saudi crude dropped to zero for the entire month — the first time that has happened since the 1980s.cryptobriefing+1

Saudi production nonetheless rebounded in July as the kingdom attempted to keep supply available for when shipping lanes reopened.cryptobriefing

Tanker Market Reflects Chaos

The disruption to Gulf shipping has sent freight rates on the route between the Middle East and China to extraordinary levels. The Breakwave Tanker Shipping ETF, which tracks futures contracts settling against voyages loading at Ras Tanura, has gained 1,659% year-to-date. Commodity trader Mercuria has sued the Baltic Exchange over how it prices those contracts, arguing the benchmark no longer reflects a functioning market. A trial is scheduled to begin in London on October 26.tradingview

Whether Tuesday's loading signals a broader return of Gulf-side exports or remains an isolated event will depend on the security environment in the Strait of Hormuz — and on whether the Houthi blockade of Saudi Red Sea ports continues to hold.