Saudi Arabia Bolsters Gulf Oil Exports After Pipeline Disruption

Saudi Arabia has increased oil exports from its Gulf terminals after an attack disrupted shipments via its east-west pipeline to the Red Sea.

Data shows that Saudi Aramco loaded about 14 million barrels of crude oil on seven Very Large Crude Carriers (VLCCs) inside the Mid-east Gulf on September 20.

This move is seen as a partial recovery in Saudi shipments, with expectations of higher volumes weighing on oil prices. On September 21, Brent benchmark fell below US$100 per barrel for the first time since September 9.

J.P. Morgan analysts noted that satellite data indicated Saudi oil moving through the Strait of Hormuz averaged 2.9 million barrels per day over the past six days, up from just 700,000 bpd in August.