Saudi Aramco boosts crude loadings after pipeline disruption

Investing.com -- Saudi Aramco loaded approximately 14 million barrels of crude oil on seven very large crude carriers inside the Mideast Gulf on Sunday, according to data from TankerTrackers.com. The increased activity follows an attack that disrupted shipments through the kingdom's east-west pipeline to the Red Sea.

The loadings indicate a partial recovery in Saudi shipments. Expectations of higher volumes contributed to pressure on oil prices on Monday, pushing the Brent benchmark below $100 per barrel for the first time since September 9.

Satellite images viewed by Reuters show seven tankers positioned near Saudi Arabia's Ras Tanura port on Sunday.

Drone attacks forced Saudi Arabia to shut its east-west oil pipeline on September 13, halting crude loadings at the Yanbu oil port on the Red Sea.

Following the shutdown, Aramco cancelled some crude cargo sales to European clients and increased sales to Asia for crude loaded at its eastern ports inside the Strait of Hormuz.

Saudi Arabia sold about 60 million barrels of crude from its Ras Tanura port inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, Reuters reported last week.

You May Also Be Interested In

• Trump: Witkoff And Kushner Had Productive Meeting With Iran
• Trump says he and Zelenskiy working on Ukraine war solution
• Fed’s Barkin says US economy firming but inflation risks persist