Saudi Arabia Restarts East-West Oil Pipeline
Saudi Arabia restarted operations at its East-West oil pipeline on September 22 after drone attacks earlier this month damaged three pumping stations and halted crude loadings from the Red Sea port of Yanbu. The pipeline, which has been used to reroute around 4 million barrels per day of crude away from the Strait of Hormuz during the ongoing regional conflict, initially resumed operations at a reduced rate. A crude cargo bound for China was scheduled to load from Yanbu on Tuesday, while a full restoration of the pipeline is expected to take six to eight weeks. The resumption of supplies contributed to a decline in global oil prices, with Brent falling toward $97 per barrel.
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