Saudi Arabia Resumes Yanbu Oil Loadings After Pipeline Restart

Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, improving the outlook for oil exports from the Middle East.

The resumption of Yanbu loadings, halted earlier this month after a drone attack on the pipeline, weighed on global oil prices as it added to signs of increased flows from the Middle East. The U.S. war with Iran has throttled oil shipments from the region.

State oil giant Saudi Aramco notified customers on Monday evening of its October loading schedule from Yanbu, according to an Asian refining source. Crude exports from Yanbu were halted after a drone attack on September 11, forcing the kingdom to shut the pipeline.

The restart of crude loading at Yanbu added to signs of rising Middle East oil shipments following a recovery in exports via the Strait of Hormuz. Crude oil loadings at Egypt's Sidi Kerir resumed on September 22 after a 10-day hiatus, but tankers remain queued offshore due to ongoing restrictions.