Saudi Oil Pipeline Restart Triggers Global Price Drop

Saudi Arabia has resumed operations on its East-West oil pipeline, which was shut down after a drone attack on September 13. The pipeline, which stretches approximately 1,200 km from oil fields near the Persian Gulf to the port of Yanbu on the Red Sea, is now operating at a reduced capacity of 4 million barrels per day.

The resumption of supplies has led to a significant drop in world oil prices, with Brent crude falling by more than $2 a barrel to its lowest price since September 8. Saudi Aramco plans to gradually increase the pipeline's pumping capacity over time.