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 recommenced operations at its East-West Pipeline, potentially allowing for exports from the Red Sea port of Yanbu on Tuesday. The pipeline had been shut down following drone attacks on September 13, which halted crude loading at Yanbu port. This move comes amidst Saudi Arabia's efforts to boost oil exports through the Strait of Hormuz after the 1,200km pipeline was closed.
Opec's largest producer recently loaded seven super tankers with a capacity to carry 14 million barrels of oil from Gulf export terminals, signaling a return to exports via Hormuz, according to Equiti Group's chief market strategist Noureldeen Al Hammoury. This surge in Gulf loadings contributed to Brent crude settling around $100 per barrel on September 21, marking the first time the benchmark has been below this level in recent weeks.
As of Tuesday, Brent was trading down 2.52 percent to $97.81 a barrel, while West Texas Intermediate, the gauge for US crude, fell 3.11 percent to $89.5 per barrel.
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