Saudi Oil Exports Soar to Wartime High Despite Pipeline Damage
Saudi Arabia's oil exports have reached their highest level since the war with Iran began seven months ago, according to data from analytics company Kpler. In September, the kingdom exported around 6 million barrels of crude oil per day, a significant increase from August's 3.4 million barrels.
The rise in shipments comes despite damage to the East-West oil pipeline, which was closed due to a drone attack launched from Iraq. This pipeline had allowed Saudi Arabia to direct oil from its eastern production regions to the Yanbu terminal on the Red Sea, bypassing the Strait of Hormuz. However, with the pipeline shut down, Brent prices rose to nearly $110 per barrel.
Despite this disruption, Saudi Arabia has redirected part of its exports back through the Strait of Hormuz after the US military established a shipping corridor along Oman's coast. The seven-day average volume of oil shipments through the strait stood at 13.2 million barrels per day on Wednesday, compared to around 17 million barrels before traffic was disrupted by the war.