Sources say Saudi Arabia increased crude shipments through the Strait of Hormuz
in the first 10 days of September versus August and is seeking further
expansion. Aramco raised total exports in early September to near 4.0 mln b/d,
roughly 1.0 mln b/d via Hormuz and the remainder via Yanbu on the Red Sea;
August exports fell to about 3.0 mln b/d, the lowest in at least nine years per
Vortexa and Kpler. It is unclear how quickly or by how much Aramco can further
raise Hormuz loadings to offset pipeline outages, and a tanker shortage is an
additional constraint.
