ARMACO has shifted most product exports to Red Sea refineries as tanker scarcity
and Houthi attacks slow the recovery of refined flows through the Strait of
Hormuz, keeping fuel prices elevated. At least 1.0 mln bpd currently transit
Hormuz, Vortexa data show, versus about 4.0 mln bpd pre-war (ex-LPG). Traders at
a Singapore meeting said recovery is hampered by difficulty finding tankers to
load; owners still carry crude via Hormuz because surging VLCC freight makes
voyages profitable, but refined products move on smaller ships that require more
trips and carry higher risk. Two industry sources said ARAMCO exports roughly
500k bpd of products daily, mostly from Red Sea coastal refineries; shipments
from Ras Tanura remain limited because chartering vessels for that route is
difficult.
