Saudi Oil Exports Bounce Back After Pipeline Attack

Saudi Arabia is ramping up its oil exports after a recent pipeline attack disrupted shipments. Data from TankerTrackers.com shows that Saudi Aramco loaded about 14 million barrels of crude oil on seven Very Large Crude Carriers (VLCCs) inside the Middle East Gulf on September 20.

This increase in loadings is a sign of partial recovery in Saudi shipments, which had been affected by the attack on its east-west pipeline to the Red Sea. The pipeline was shut down on September 13 due to drone attacks, forcing Aramco to cancel some crude cargo sales to European clients and boost sales to Asia instead.

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. The loading of seven tankers suggests an increase in Saudi supplies, which has weighed on oil prices and pushed the Brent benchmark below $100 a barrel for the first time since September 9.