BlackRock, Aramco, and the Jafurah Model: How $35 Billion in Foreign Capital Actually Works in Saudi Arabia

Tue, 14 Apr 2026 00:00:00 +0000

In February 2026, the first tanker of ultra-light crude oil — condensate extracted from the Jafurah gas field in Saudi Arabia’s Eastern Province — loaded at Yanbu port bound for Chevron. Two more cargoes followed in March: one to ExxonMobil, one to Indian Oil Corporation. The pricing: a premium of $2-3 per barrel above Dubai quotes, free-on-board basis. The export capacity: four to six cargoes per month, approximately 500,000 barrels per cargo, shipped through the Red Sea port that now handles 80-85 per cent of Saudi oil exports while the Strait of Hormuz remains contested.

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BlackRock, Aramco, and the Jafurah Model: How $35 Billion in Foreign Capital Actually Works in Saudi Arabia