Saudi Arabia restarts East-West pipeline for crude exports
Saudi Arabia, Opec’s biggest producer, has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday. The pipeline was pumping at a low rate, Reuters reported, citing sources. Drone attacks forced Saudi Arabia to shut its East-West Pipeline on September 13, halting crude loadings at the kingdom's Yanbu port. The development comes even…
Saudi Arabia has reactivated its East-West Pipeline, which could lead to resuming crude exports from the Red Sea port of Yanbu by Tuesday, according to Reuters. The pipeline had been shut down on September 13 due to drone attacks that halted crude loadings at Yanbu port. This development occurs as Saudi Arabia is increasing oil exports through the Strait of Hormuz following the pipeline's closure.
The country unloaded seven super tankers carrying up to 14 million barrels of oil from Gulf export terminals over the weekend, indicating a shift back towards Hormuz. Market strategist Noureldeen Al Hammoury from Equiti Group noted that this surge in Gulf loadings contributed to Brent crude falling below $100 per barrel for the first time in recent weeks, settling at around $100 on September 21.
Brent, the benchmark for two-thirds of the world's oil, was trading at $97.81 a barrel, down 2.52 percent, at 2:19 pm UAE time on Tuesday, while West Texas Intermediate, the gauge for US crude, slipped 3.11 percent to $89.50 per barrel.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Saudi Arabia restarts East-West pipeline for crude exports thenationalnews.com
