Saudi Arabia Restarts Oil Loadings After Pipeline Resumes Operations

Saudi Arabia has restarted oil loadings at its Red Sea port of Yanbu after the East-West pipeline resumed operations following a drone attack. The pipeline was shut on September 11 and halted crude shipments from Yanbu, but Saudi Aramco notified customers on Monday of its October loading schedule.

The restart adds to signs of recovering oil flows from the Middle East after disruptions linked to the conflict with Iran. Satellite imagery from the European Space Agency showed that oil loading had resumed at Yanbu and the nearby Al Muajjiz terminal, with nearly 10 million barrels of crude oil being loaded on September 27.

Crude loadings from Yanbu are estimated at about 2 million barrels per day since last week, while pipeline throughput is currently around 2 million barrels per day. However, flows are expected to rise to 3-4 million barrels per day in the coming days and could potentially return to pre-attack rates of around 5.5 million barrels per day within a month.