Saudi Oil Exports Find Alternative Route Amid Pipeline Disruptions
Saudi Arabia has found an alternative route to export crude oil to Asian countries through Oman, easing concerns about supply disruptions caused by recent attacks on the Aast-West pipeline. The pipeline, which was used to transport Saudi Oil to the Yanbu port in the Red Sea, is expected to be partially restored within days and fully operational within six weeks.
Meanwhile, data released by the US Energy Information Administration showed that commercial oil stocks in the US declined by 640K barrels last week, less than half of the 1.6 million drop expected. This has contributed to easing concerns about supply disruptions.
The uncertainty surrounding the conflict between the US and Iran is keeping crude prices from retreating further from the key $100 level. US President Donald Trump claims that the US is 'hopefully towards the end' of the war, but Tehran authorities deny this.