Saudi Arabia Sells 100 Million Barrels of Crude to Asia via Hormuz

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Saudi Arabia has sold nearly 100 million barrels of crude oil to Asian buyers via the Strait of Hormuz following the outage of the East-West pipeline to the Red Sea. This volume represents roughly one day of global oil demand, indicating significant rerouting of oil exports.

Saudi Arabia has sold almost 100 million barrels of crude to Asian buyers via the Strait of Hormuz since the middle of last week, when it pivoted to the chokepoint it wanted to avoid with the East-West pipeline to the Red Sea. With the pipeline out of service, the Kingdom has sold 100 million barrels of crude, which is roughly one day of total global oil demand, to Asian buyers for October and November delivery through the Strait of Hormuz, trade sources with knowledge of the deals told Bloomberg on Thursday. The Saudis are offering to take care…