Saudi Arabia has sold almost 100 million barrels of oil to Asian buyers since the middle of last week, according to traders familiar with the matter, helping to avert a looming supply crunch in the region. The crude for delivery in October and November will be sent via the Strait of Hormuz, said the traders, asking not to be named as they’re not authorised to speak to media. Chinese state-run and independent refiners, as well as processors in India, Japan and South Korea are among the buyers, they said.
Saudi Arabia is building up crude pumping volumes through its East-West Pipeline that runs to its Red Sea export hub of Yanbu, although crude tanker loadings have yet to resume, according to industry sources, satellite imagery and shipping data. Saudi Arabia resumed operations on the pipeline this week after a drone attack shut the facility earlier this month Saudi Arabia’s crude shipments in September jumped to the highest level since the start of the Iran war, after the kingdom quickly ramped up exports via the Strait of Hormuz following an attack on its key bypass pipeline.
6 missiles intercepted
Saudi Arabia intercepted six ballistic missiles fired by Yemen’s Iran-backed Houthis on Thursday, thwarting attacks on the southern province of Taif and Yanbu area on the Red Sea, the Saudi-led coalition in Yemen said.
It was not clear whether there was any damage or casualties in either Taif and Yanbu, the main alternative route for Saudi oil, after a widespread emergency alert was issued for areas including Jeddah and the holy city of Mecca.
The attack on Yanbu followed an improvement in prospects for oil exports to resume from the terminal there after sources told Reuters that operations had restarted on the East-West pipeline.
