Western Australia's only refinery was shut down in 2021 after BP decided to convert its 146,000 barrels per day Kwinana plant into a fuel import terminal.
Red Sea traffic has been disrupted off the coast of Yemen since last week by the Tehran-aligned Houthis, who want to blockade Saudi exports, expanding the U.S.-Iran conflict that has already choked oil supply through the Strait of Hormuz.
That flicker of optimism was enough to lead global benchmark Brent futures lower in early Asian trade on Monday, with a drop of nearly 5% to around $92.06.
Saudi Arabia typically sells its crude oil in term supply contracts using an official selling price (OSP), with separate prices for customers in Asia, the U.S., North West Europe and the Mediterranean.
Consultations are ongoing between the ministry, oil producers, CPC, shipowners and administrative state bodies in order to resume stable oil exports, the energy ministry said.
A recent Reuters survey of energy analysts indicates that the ongoing geopolitical tensions have significantly tightened oil supplies this year, resulting in an estimated average supply deficit of 1.5 million barrels per day (bpd) in 2026.
Both vessels indicated through their automatic identification system transmitters that there were Chinese crew onboard, the data showed. The vessels loaded crude at Saudi Arabia's port of Yanbu earlier this week.
