Saudi West Coast export capacity rises to a wartime high! Key pipeline transports nearly 6 million barrels per day, Brent crude falls below $100.

Zhito Finance APP has learned that Saudi Arabia, a major Middle Eastern oil producer, has increased the crude oil throughput of its key cross-country trunk pipeline to more than 80% of its capacity. As it reduces crude oil supplies to domestic refineries, the volume of crude available for export from its west coast has reached its highest level since the outbreak of the U.S.-Iran war at the end of February. With the pipeline recovery, together with expectations of a global oil reserve release pushed by French President Macron, helping to ease supply anxiety, the market has begun to reassess the crude oil scarcity premium and energy cost pressures.