Saudi Arabia Bolsters Crude Exports Amid Pipeline Shutdown

Oil prices fell on Thursday after Saudi Arabia took steps to boost crude exports through the Strait of Hormuz, easing concerns over global oil supplies.

The move comes as a key pipeline was damaged in a drone attack launched from Iraq, forcing Saudi Arabia to shut down East-West pipeline operations last week.

Saudi Arabia has made additional crude cargoes available to Asian refiners through ship-to-ship transfers off the Strait of Hormuz, near the port of Sohar in Oman, allowing those vessels to avoid the risk of Iranian attacks while sailing inside the Gulf.

Analysts noted that Saudi crude loadings at Gulf ports in the Middle East have increased so far this month, with ship-to-ship oil transfers in the Gulf of Oman rising to 2.7 million barrels per day, compared with 1.5 million barrels per day in August.