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 restarted operations at its East-West Pipeline, which was shut down on September 13 due to drone attacks. The pipeline, which transports crude to the Red Sea port of Yanbu, could resume exports later on Tuesday. This development comes as Saudi Arabia increases oil exports through the Strait of Hormuz, following the closure of a 1,200km pipeline.
The restart has led to a surge in Gulf loadings, with seven super tankers loaded with 14 million barrels of oil over the weekend, according to Equiti Group's chief market strategist. This shift has contributed to Brent crude settling around $100 per barrel, the lowest level in recent weeks.
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