Saudi Arabia’s oil exports have rebounded to 4 million barrels per day in September, recovering from a decade low of 2.4 million bpd in August that marked the kingdom’s weakest export month since 2013. The recovery, confirmed by analytics firm Kpler, follows Houthi attacks that forced the suspension of the East-West pipeline carrying crude from Saudi Arabia’s eastern oil fields to the Red Sea port of Yanbu. Aramco has rerouted flows through its Gulf coast terminals at Ras Tanura and Juaymah and organized ship-to-ship transfers at Oman’s Sohar port for approximately 60 million barrels destined for China, South Korea, India, and Japan. Futures prices for both Brent and WTI have declined by more than $1 per barrel on the news, while daily transits through the Strait of Hormuz have surged by 58% since early September.
Source: Read the original article
