Commodities
Yanbu Oil Loadings Resume After Pipeline Restart
Saudi Arabia has resumed oil tanker loadings from its Red Sea port of Yanbu after restarting operations on the East-West Pipeline, according to trade sources and shipping data.
The resumption of Yanbu loadings, halted earlier this month after a drone attack on the pipeline, weighed on global oil prices as it added to signs of increased flows from the Middle East.
Oil giant Saudi Aramco notified customers on Monday evening of its October loading schedule from Yanbu, an Asian refining source said.
The restart of crude loading at Yanbu has improved the outlook for oil exports from the Middle East, which had been throttled by the US war with Iran.