Saudi Arabia is looking to increase oil flows through the Strait of Hormuz after already raising shipments during the first 10 days of September, according to BlockBeats, citing people familiar with the matter. The sources said the kingdom lifted total exports to nearly 4 million barrels a day in early September, with about 1 million barrels a day moving through the Strait of Hormuz and the rest shipped from Yanbu on the Red Sea coast. That compares with roughly 3 million barrels a day in August, which Vortexa and Kpler shipping data showed was the lowest level in at least nine years. It remains unclear how quickly Saudi Aramco can raise Hormuz-bound exports, or by how much, to offset the impact of the pipeline outage. A shortage of tankers is also constraining shipments. Saudi Aramco declined to comment, while the Saudi energy ministry said it had nothing to add beyond a statement released last Friday. Two regional officials said the East-West pipeline would remain offline for weeks, although U.S. Energy Secretary Wright said he expects the line to return to service "soon."
Saudi Arabia is seeking to further increase oil supply exported through the Strait of Hormuz, according to BlockBeats, which cited people familiar with the matter.
The sources said crude volumes shipped through the Strait of Hormuz during the first 10 days of September were already above August levels, and the kingdom is now trying to expand supply further.
People familiar with the matter said Saudi Arabia raised total exports to nearly 4 million barrels per day in early September. Of that, about 1 million barrels per day were exported through the Strait of Hormuz, with the rest shipped via Yanbu on the Red Sea coast.
In August, Saudi exports had fallen to about 3 million barrels per day, the lowest level in at least nine years based on shipping-tracking data from Vortexa and Kpler.
It is still unclear how quickly Saudi Aramco can increase exports through the Strait of Hormuz, or by how much, to make up for the impact of the pipeline outage. A shortage of oil tankers is also limiting the effort.
Saudi Aramco declined to comment. The Saudi energy ministry said it had no additional comment beyond a statement issued last Friday.
Two regional officials said the East-West pipeline will remain offline for weeks. At the same time, U.S. Energy Secretary Wright said he expects the pipeline to resume operations "soon."
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
