Saudi Arabia Sells Nearly 100 Million Barrels of Crude to Asia Amid Supply Crunch Fears

Saudi Arabia has eased concerns about an impending oil supply crunch in Asia by selling nearly 100 million barrels of crude to Asian buyers since the middle of last week. The sale, facilitated via the Strait of Hormuz, benefits Chinese state-run and independent refiners, as well as processors in India, Japan, and South Korea.

The increase in sales comes after Saudi Arabia resumed operations on its East-West Pipeline this week following a drone attack that shut the facility earlier this month. The pipeline, which runs to the Red Sea export hub of Yanbu, has seen crude tanker loadings jump to their highest level since the start of the Iran war.

The move is a response to an attack on Saudi Arabia's key bypass pipeline and also comes after six ballistic missiles were intercepted by the country, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea. The attack on Yanbu followed an improvement in prospects for oil exports to resume from the terminal there.