Saudi Aramco loaded about 14 million barrels of crude oil onto seven very large tankers in the Persian Gulf yesterday (Sunday). This increase in activity is due to an attack that disrupted transportation through Saudi Arabia's East-West pipeline to the Red Sea.
Partial Recovery of Oil Loading
This loading represents a partial recovery in Saudi Arabia's oil loadings. The expected increase in volumes led to pressure on oil prices on Monday, causing Brent crude to drop below $100 per barrel for the first time since September 9.
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Suspension of Oil Loading at Yanbu Port
Satellite images show that seven tankers were near the port of Ras Tanura in Saudi Arabia on Sunday. Drone attacks carried out on September 13 forced Saudi Arabia to shut down the East-West oil pipeline and halted oil loadings at the Yanbu port located on the Red Sea. Due to this shutdown, Aramco has canceled some of its crude oil cargo sales to European customers and increased its sales to Asia for oil loaded at its eastern ports in the Strait of Hormuz.
Oil Sales from Ras Tanura Port
Saudi Arabia has sold about 60 million barrels of oil this month and next from the Ras Tanura port in the Strait of Hormuz through ship-to-ship transfers at the Sohar port in Oman. This sales trend reflects a change in the country's oil export strategy aimed at mitigating the impacts of transportation disruptions.
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