Saudi Arabia restarts East-West oil pipeline, sources say
SINGAPORE/NEW DELHI: Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday, three sources briefed on the matter said. Drone attacks forced Saudi Arabia to shut its East-West Pipeline on September 13, halting crude loadings at the kingdom’s Yanbu port. The resumption of supplies on Tuesday helped to drive selling on…
Saudi Arabia has resumed operations at its East-West Pipeline and may export crude from the Red Sea port of Yanbu later on Tuesday, according to three briefed sources. Drone attacks on September 13 led to the shutdown of the pipeline, which halted crude loading at Yanbu port. The pipeline can reroute around 4 million barrels per day, or 4% of global supply, around the Strait of Hormuz.
Saudi oil firm Saudi Aramco aims to increase the pumping rate to 4 million barrels per day. State-owned Saudi Aramco is preparing to supply its Red Sea coast refineries, with one cargo scheduled to load at Yanbu on Tuesday en route to China. Traders are preparing for Saudi oil shipments by relocating tankers to Egypt's Port Said and Sidi Kerir for ship-to-ship transfers.
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