Saudi Arabia has increased crude oil exports through ports on the Arabian Gulf after last week's attack forced a halt to oil shipments through the East-West Pipeline, which links the eastern oil-producing region to the Yanbu port on the Red Sea. Data from TankerTrackers.com indicated that Saudi Aramco loaded crude onto seven very large crude carriers, or VLCCs, carrying a total of about 14 million barrels in the Arabian Gulf on Sunday, September 20. Satellite images showed all seven vessels near Saudi Arabia's Ras Tanura port. Meanwhile, data from Vortexa showed that over the past week Saudi Arabia turned increasingly to Arabian Gulf ports for crude exports, with average loadings of about 3.7 million barrels per day since September 12, up from an average of 2.9 million barrels per day earlier in the month. During September 1-11, loadings through Red Sea ports averaged about 3.9 million barrels per day. The partial recovery pushed Brent crude below 100 dollars a barrel on Monday, September 21, for the first time since September 9, after the September 13 drone attack forced Saudi Arabia to shut the East-West Pipeline and suspend crude loadings at Yanbu port. As a result, Saudi Aramco cancelled spot crude sales to some European customers and shifted to increased sales to Asian customers, using oil from eastern ports and shipping it through the Strait of Hormuz instead.
Saudi Arabia's partial export recovery via Arabian Gulf ports pushed Brent crude below $100/bbl as supply concerns eased after the pipeline attack.
