Saudi Arabia has resumed loading crude oil at the key southern Yanbu terminal (Al-Mu'jiz) on the Red Sea coast. This move could indicate a gradual return of Saudi oil exports through this route following the halt of the East-West pipeline, which was suspended due to recent drone attacks.
Halting Oil Exports and Its Consequences
The strategic East-West pipeline of Saudi Arabia, which transports crude oil from the eastern production areas of the country to the Yanbu port, has a nominal capacity of approximately 7 million barrels per day. This pipeline is recognized as an important route for transporting Saudi oil to the Red Sea without passing through the Strait of Hormuz. The suspension of this pipeline's operations following drone attacks in mid-September raised concerns about its impact on the global oil market.
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On September 22, reports citing industry sources emerged indicating that Saudi Arabia had resumed operations of the East-West pipeline at a low rate and was planning to load oil to Yanbu. However, satellite images at the same time showed no loading activity for oil tankers at the Yanbu terminal, with at least 12 tankers waiting nearby.
Restart of Oil Loading at Yanbu
However, new reports based on satellite images indicate that oil loading at the Al-Mu'jiz terminal has begun, and if this activity continues, it could be a sign of the reactivation of Saudi oil export routes from the Red Sea. These developments could help strengthen the oil market and alleviate concerns about global supply shortages.
Currently, a shipment of oil is scheduled for loading in Yanbu, destined for China. This news could signify Saudi Arabia's efforts to restore exports to pre-halt conditions and in some way reflects the country's determination to maintain its share in the global oil market.
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