Saudi Oil Shipments via Oman Send Brent Crude Prices Down
Saudi Arabia's decision to offer crude oil shipments through Oman has led to a decline in Brent crude prices. According to reports, Saudi Arabia will ship more loadings of crude oil to Asian refiners via ship-to-ship transfer off Oman's Sohar port.
The move is seen as a way to ease concerns over supply disruptions caused by the recent drone attacks on Saudi Arabia's East-West pipeline, which was damaged in the attacks. The pipeline is crucial for transporting oil from eastern Saudi Arabia to the Red Sea port of Yanbu.
On Thursday morning, Brent crude futures traded at $105.87 a barrel, down 0.04 per cent from the previous day. Meanwhile, October crude oil futures on WTI (West Texas Intermediate) were at $102.38, down 0.05 per cent. In India, September crude oil futures on MCX were trading at ₹9815, down by 0.04 per cent.
The US Energy Information Administration's weekly petroleum status report showed a decline in crude oil inventories in the US for the week ending September 11, which was in contrast to estimates from the American Petroleum Institute.