Saudi Aramco Sells 4 Million Barrels to Chinese Refiners

Saudi Aramco sold at least four million barrels of Arab Medium and Arab Heavy crude oil to two Chinese refiners, PetroChina and Sinochem, through private negotiations on August 18, 2026.

PetroChina and Sinochem each purchased two million barrels at premiums. The agreement specifies that the oil will be loaded via ship-to-ship transfers off Fujairah in the United Arab Emirates, a move that allows the cargoes to bypass the Strait of Hormuz.

While the company resumed loading operations from within the Strait of Hormuz last week and continues to maintain a queue of tankers, these specific cargoes were offered for loading outside the strait.