Lates News

Saudi Arabia has completed repairs to a key cross-country oil pipeline following a drone attack earlier this month and has begun exporting oil through it, according to a person familiar with the matter. State oil giant Saudi Aramco has been testing and pressurizing the East-West pipeline over the past week, aiming to restore substantial oil flows before the weekend. Overseas exports have now resumed, the person said. The resumption of operations will allow Saudi Arabia to regain an alternative export route it had used during the Iran war. At the same time, Saudi Arabia has also increased the scale of its oil shipments through the Strait of Hormuz this month. The development will ease supply pressure on buyers. Previously, due to tight supply, some European customers were told they would not receive any crude allocations next month under long-term supply contracts.