Saudi Aramco Boosts Oil Exports Amid Pipeline Attack Concerns

Saudi Aramco is set to increase its oil exports in September and October to 60 million barrels, according to multiple trade sources. This marks a rebound for state oil company Saudi Aramco's exports from inside the Gulf, which had cooled down after the East-West pipeline was attacked at its Red Sea port of Yanbu.

Chinese and South Korean refiners are among the top buyers of the spot supplies, while some volumes will be going to India and Japan. The increased oil exports could make up for some of the volume lost at the Red Sea port of Yanbu.

The global oil prices fell by more than $1 a barrel on Friday due to reports that Saudi Arabia was seeking to increase its capacity.