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Aramco Seeks Storage Partnerships, Eyes New Oil Export Routes

Aramco is working to expand the capacity of its East–West Pipeline from 7 million barrels per day (mmbbl/d) to 10 mmbbl/d and studying additional export routes to reduce reliance on existing shipping corridors. The engineering work on the projects began in the early days of the US- Iran conflict, Amin Nasser, CEO of Saudi Aramco, told Al Arabiya Business. He added that the company is seeking partnerships with other countries to expand its strategic oil storage capacity as it prepares for a potential recovery in global demand following the Iran war, according to Reuters. The company currently uses three main export routes: the Arabian Gulf through the Strait of Hormuz, the Red Sea through Bab el-Mandeb, and the Mediterranean through Sidi Kerir in Egypt. Aramco also operates overseas oil storage facilities in South Korea, Japan, the Netherlands, and Sidi Kerir, and is working with partners to expand its storage capacity, particularly in Asia. Nasser said that the crisis had disrupted an estimated 3 billion barrels of oil supply since it began, while global inventories were already below their five-year average. Strategic stock releases, reduced seaborne oil imports by China during parts of the crisis, and the East–West Pipeline helped moderate the impact on oil markets, he added. Nasser also added that global oil demand is expected to increase by around 3 mmbbl/d after the conflict ends, comprising 2 million bbl/d from consumption growth and 1 million bbl/d to replenish inventories depleted during the crisis. The CEO also said Aramco’s capital expenditure plans remained unchanged, with the company maintaining its guidance of $50 billion to $55 billion for 2026. Its gas expansion projects are progressing according to schedule, including the Jafurah project, whose first phase was completed at the end of 2025 and whose second phase is expected to be completed in 2027. Aramco aims to increase gas production by 80% by 2030 compared with 2021 levels. Nasser said the increase would help replace liquid fuels used in power generation and free up around 1 mmbbl/d of oil for export. The company is also exploring future gas export opportunities in coordination with Saudi Arabia’s Ministry of Energy, although meeting domestic demand and supporting industrial growth remain its immediate priorities. Saudi Arabia’s crude oil exports rose 7.9% month on month to 4.451 million barrels per day (mmbbl/d) in August 2026, their highest level since March, despite a decline in production to 6.24 mmbbl/d from 8.135 mmbbl/d in July, according to Joint Organizations Data Initiative (JODI) data reported by Reuters. The increase came amid disruptions to regional oil shipments following the US-Israeli war against Iran, with Saudi Arabia using export terminals on both its eastern and western coasts to maintain flows, according to UBS analyst Giovanni Staunovo. Saudi crude processing at domestic refineries fell to 2.297 mmbbl/d in August from 2.478 mmbbl/d a month earlier.