Saudi Arabia has increased oil pumping through its key East-West pipeline to more than 80% of capacity, while volumes available for export from the country’s west coast have reached their highest levels during the war in Iran. The report was dated October 2.
Saudi Aramco, the state-owned company, pumped approximately six million barrels per day through the East-West pipeline. After accounting for supplies to refineries on Saudi Arabia’s west coast, the company now has about four point five million barrels per day available for export.
The company quickly increased output through a pipeline with a capacity of seven million barrels per day after previously operating at roughly half its capacity earlier in the week. This surge in exports contributed to lower oil prices, with Brent crude trading below $100 per barrel.
On September 28, Saudi Arabia resumed exports via the East-West oil pipeline following a shutdown on September 11. The suspension was due to precautionary measures after a series of attacks. The world’s largest oil exporter redirected approximately four million barrels per day through this pipeline to the Yanbu port on the Red Sea—representing about 4% of global shipments.
