Saudi Arabia ramps up Gulf oil exports after pipeline attack, data shows

Saudi Arabia has increased its oil exports from the Gulf region following an attack that disrupted shipments via its east-west pipeline to the Red Sea, according to data from TankerTrackers.com. On September 20, the kingdom loaded approximately 14 million barrels of crude oil onto seven VLCCs (Very Large Crude Carriers) at various Gulf export terminals.

This move comes as a partial recovery in Saudi shipments is expected, potentially putting downward pressure on oil prices. On September 21, the Brent benchmark dropped below US$100 per barrel for the first time since September 9.

Satellite images reportedly revealed seven tankers near Ras Tanura port in Saudi Arabia on September 20. This loading activity suggests an increase in Saudi supplies. According to JP Morgan analysts, satellite data indicates that Saudi oil has been moving through the Strait of Hormuz at an average rate of 2.9 million barrels per day over the past six days, up from just 700,000 barrels per day in August.

The September 13 drone attack forced Saudi Arabia to shut down its east-west oil pipeline, halting crude loadings at the kingdom's Yanbu oil port on the Red Sea. As a result, Aramco canceled some crude cargo sales to European clients but instead boosted sales to Asia for crude loaded at its eastern ports within the Strait of Hormuz.

In the current month and the following month, Saudi Arabia sold roughly 60 million barrels of crude from its Ras Tanura port within the Strait of Hormuz for loading and shipping via ship-to-ship transfer at the Omani port of Sohar, according to trade sources.