Saudi Arabia has resumed operations on its main East-West oil pipeline, which was shut down after drone attacks on September 13. Oil exports from the port of Yanbu on the Red Sea coast could resume as early as Tuesday, September 22.
Reuters reports this, citing three sources.
After the restoration, the pipeline is still operating at low capacity. Saudi state company Saudi Aramco plans to gradually increase its pumping to 4 million barrels of oil per day.
The expected recovery in supplies has already affected prices, with Brent crude futures falling more than $2 per barrel to their lowest level since September 8.
Reuters sources said one tanker carrying Saudi oil was due to load in Yanbu on Tuesday, bound for China. Other traders are already preparing tankers to transport Saudi oil through Egyptian ports.
- Due to disruptions to oil supplies through the Strait of Hormuz, which arose against the backdrop of the US and Israelʼs war against Iran, Saudi Arabia uses the 1 200-kilometer East-West pipeline.
- It transports oil from fields near the Persian Gulf to the port of Yanbu on the Red Sea. Before the September attack, it pumped about 4-5 million barrels of oil per day. This is almost 4% of the worldʼs oil supply.
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