Saudi Oil Lifeline May Reopen as Aramco Eyes Yanbu Restart

AI Summary

Saudi Aramco has indicated to Asian refiners the imminent restart of crude oil loadings at the Yanbu port on the Red Sea. The Yanbu port, which bypasses the Strait of Hormuz, was shut down following the September 10 drone attacks on the East-West oil pipeline that affected Saudi oil exports.

Saudi Aramco officials have informally told at least three Asian refiners that they would soon be able to pick up crude oil cargoes at the Yanbu port on the Red Sea, anonymous traders with knowledge of the matter told Bloomberg on Tuesday. Saudi Arabia has halted loadings at the Yanbu port, its key export terminal that bypasses the Strait of Hormuz, since the September 10 drone attacks on the East-West onshore oil pipeline that fed crude from the Saudi oilfields to the Yanbu port. Saudi Arabia shut down its East-West oil pipeline following…