Saudi Arabia has restored oil flows through its East-West Pipeline to 5.8 million barrels per day (mmbbl/d), Energy Minister Prince Abdulaziz bin Salman said, underscoring the kingdom’s progress in rebuilding an alternative export route amid continued disruption to oil shipments through the Strait of Hormuz, according to Reuters.
The move comes as the Trump administration seeks to increase domestic diesel availability amid elevated fuel prices. Trump has also backed a potential ban on US diesel exports, a proposal opposed by the European Union, which warned that restricting US diesel shipments could affect European fuel supplies and prices.
Gulf oil flows excluding Iran recovered to more than 81% of pre-war levels in September, supported by a sharp rebound in Saudi Arabian exports despite continued attacks on regional energy infrastructure and shipping.
Flows of crude, condensate and refined fuels, including liquefied petroleum gas (LPG), from Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Iraq and the UAE averaged 19.2 million barrels per day (mmbbl/d) in September.
Qatar’s LNG shipments through the Strait of Hormuz have increased despite heightened security risks linked to the ongoing U.S.-Iran conflict.
British Petroleum (bp) has no intention of shying away from the Middle East, CEO Meg O'Neill told the Energy Intelligence conference in London on Monday.
O'Neill added that bp is working with the Iraqi government to understand options for new export routes, including a northern route, as Reuters reported.
Global oil stockpiles have fallen to critically low levels, leaving markets exposed to further supply pressure unless the Strait of Hormuz fully reopens, Saudi Aramco CEO Amin Nasser said.
The Joint Ministerial Monitoring Committee (JMMC) comprises Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela, called for protecting international maritime routes and energy infrastructure to safeguard global energy supply security and support market stability.
Saudi Arabia has unexpectedly cut its November official selling prices (OSPs) for Asian buyers to their lowest level in six years, with the move aimed at supporting market share as elevated freight costs and regional disruptions continue to complicate crude shipments.
Saudi Aramco set the November OSP for its flagship Arab Light crude to Asia at $5 per barrel below the average of Oman and Dubai crude prices.
Iranian Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, CEO and Managing Director of the National Iranian Oil Company (NIOC), appointed as acting minister, state media reported on Sunday.
OPEC+ agreed to keep its November oil production targets unchanged at a meeting on Sunday, as Middle East export disruptions continue to limit actual output despite higher flows through the Strait of Hormuz.
