Saudi Aramco boosts crude loadings after pipeline disruption

Saudi Aramco increased its crude oil shipments by an estimated 14 million barrels aboard seven very large tankers in the Gulf of Arabia on Sunday, according to TankerTrackers.com data. This surge in activity comes in the wake of an attack that disrupted the east-west pipeline carrying oil to the Red Sea. The higher loadings signal a partial restoration of Saudi shipments following the pipeline shutdown.

The anticipation of greater volumes appears to have influenced oil prices on Monday, causing the Brent benchmark to fall below $100 per barrel for the first time since September 9. Images captured by satellites show the seven tankers positioned near Ras Tanura port in Saudi Arabia on Sunday.

In the aftermath of the September 13 drone strikes, which forced Saudi Arabia to halt oil pipeline operations between Yanbu and the Red Sea, Aramco canceled some crude sales to European clients and increased sales to Asia for crude loaded at eastern ports in the Strait of Hormuz. In the current month and next, Saudi Arabia plans to sell approximately 60 million barrels of crude from its Ras Tanura port in the Strait of Hormuz, loading it via ship-to-ship transfer at Oman's Sohar port, according to Reuters.