Saudi Oil Exports Rebound After Pipeline Attack

Saudi Arabia's oil exports have seen an increase after a pipeline attack forced the country to shut its east-west oil pipeline. According to TankerTrackers.com, seven Very Large Crude Carriers (VLCCs) were loaded with about 14 million barrels of crude oil on Sunday at the Mideast Gulf. This is a significant sign of recovery in Saudi shipments, which had been disrupted by the attack on September 13.

The loading of these tankers suggests an increase in Saudi supplies, weighing on oil prices and pushing the Brent benchmark below $100 a barrel for the first time since September 9. JP Morgan analysts noted that satellite data showed 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.

Saudi Arabia has been making efforts to boost sales to Asia for crude it loads at its eastern ports inside the Strait of Hormuz, following the pipeline attack. The country sold about 60 million barrels of crude from its Ras Tanura port inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next.