Saudis in Talks to Formalize Hormuz Shuttles in Fight for Market

(Bloomberg) — Saudi Arabia is in talks with customers to offer oil loadings next year outside the Strait of Hormuz in long-term contracts, formalizing a system the kingdom has been using during the Iran war as it pushes for greater market share.

Discussions are ongoing and must conclude by year-end, according to people familiar with the matter. If approved, it would mark a significant change in the way Saudi Arabia sends its crude to customers, as deliveries under long-term contracts make up the bulk of the kingdom’s supply.

The war in its eighth month has sent traditional oil