Oil loading logjam at key Oman port puts flows under strain

Delays to crude loading at a vital Omani terminal outside of the Strait of Hormuz last month have upended collection schedules and may lead to late deliveries to buyers already starved of Middle Eastern supply.

Scheduled May-loading dates for Omani oil from Mina Al Fahal port are bunching up so much that buyers may not be able to collect all of their ordered cargoes before the end of the month, according to traders. The loading days may still change ahead of tankers arriving at the terminal, they added.

At least two companies have been given loading schedules that are so tight they won’t be able to fill the very large crude carriers sent to collect the cargoes in time, said traders, asking not to be identified as they’re not allowed to speak to the media. There have also been instances where loading times have overlapped.

State-owned Petroleum Development Oman, responsible for crude production and loading, didn’t respond to a request for comment.

The effective closure of the Strait of Hormuz due to the Iran war has choked off oil supplies, making Oman’s Mina Al Fahal and other outlets outside of the Persian Gulf, including Fujairah in the United Arab Emirates, so crucial for the market. Omani flows tumbled in April to the lowest in 15 months, following a dramatic decline in shipments to China.

Some April-loading schedules for Omani crude was pushed into the first week of May, according to traders, although the reasons for delay wasn’t immediately clear. Valuations could be an issue as supplies loaded in different months can command different prices in the market, they said.

A number of the Omani cargoes scheduled for loading this month were purchased by French major TotalEnergies SE on a key trading window run by S&P Global Energy unit Platts in March. The company bought 44 cargoes, each 500 000 barrels, traders said. That would require 11 VLCCs to transport.

A spokesperson at TotalEnergies declined to comment.

The “Market on Close assessment process reflects prevailing market conditions while maintaining transparent and rigorous performance standards,” Platts said in a statement on Thursday. “During these unprecedented times, Platts will continue the direct, extensive engagement with market participants to ensure our assessments remain practical, fair, and reflective of evolving physical conditions.”

Last month, Platts said it was “aware of logistical constraints that have stemmed from evolving unprecedented circumstances in the Middle East,” according to a subscriber note. Traders shouldn’t “nominate cargoes with loading dates ending in the last two calendar days of the month to avoid the risk of loading slipping into the next month,” it added.

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