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Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later yesterday, three sources briefed on the matter said.
Drone attacks forced Saudi Arabia to shut its East-West Pipeline on September 13, halting crude loadings at the kingdom’s Yanbu port. The resumption of supplies yesterday helped to drive selling on global oil markets, traders said. Brent crude futures fell by more than $2 a barrel to its lowest since September 8.
Since disruption to oil flows through the Strait of Hormuz following the US-Israeli war on Iran, Opec’s leading oil exporter has been using the pipeline to reroute around 4 million barrels per day — around 4 per cent of global supply — to Yanbu.
The pipeline was pumping at a low rate after its restart, two of the sources said. State oil firm Saudi Aramco did not immediately respond to a request for comment.
One of the sources said Aramco was seeking to get the pumping rate back to 4 million bpd, while a security source said full resumption could take weeks.
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