Gold prices steady in Saudi Arabia as 21k trades at 461 riyals

Saudi Arabia has recently sold approximately 60 million barrels of crude oil for loading in September and October. These cargoes have been transported from the Ras Tanura Gulf terminal, crossing the Strait of Hormuz before being transferred onto ships off Oman's Sohar port. This significant shipment has helped restore Saudi Aramco's crude exports from Gulf terminals to an average of 1 million to 1.5 million barrels per day, nearing August levels.

The increased availability of Saudi crude exports has eased concerns over supply disruptions on the kingdom's western export route, leading to a decline in oil prices on Friday. Major purchasers of these spot cargoes include Chinese and South Korean refiners, as well as some buyers in India and Japan. The Gulf shipments aim to compensate for the decline in exports from Yanbu on the Red Sea following attacks that led to a temporary shutdown of the East-West pipeline, a crucial Aramco pipeline for moving crude from eastern production centers to the western coast.

The Energy Ministry reported that the pipeline, with a capacity of around 7 million barrels per day, was closed as a precaution after multiple attacks in the Riyadh and Medina regions on September 10. While the pipeline's restoration timeline remains undisclosed, the return of larger volumes through Ras Tanura provides Aramco with an alternative route to keep crude flowing to Asian customers.