NEW YORK, October 8. /TASS/. Saudi Arabia is holding negotiations on "shuttle" oil supplies through the Strait of Hormuz under long-term contracts, Bloomberg news agency reported, citing sources.

Saudi Arabia uses so-called shuttle vessels to transport oil through the Strait of Hormuz and subsequently transfer it to buyers' vessels outside the area, Bloomberg said. Agency sources noted that Saudi oil company Saudi Aramco allowed some buyers to transfer oil from one ship to another off the coast of India, as buyers do not want to approach the Gulf of Oman due to security considerations.

The negotiations are expected to be completed by the end of the year, and a final decision has not yet been made, the news agency added.