Last week’s attacks on Saudi Arabia’s East-West crude oil pipeline caused prices to spike as markets digested the impact of its outage. Dated Brent hit $131.76/B on 15 September, while Dubai Partials reached $128/B on 16 September, according to General Index assessments.
The Saudi pipeline emerged as an invaluable route to market for Middle East oil after the conflict began on 28 February, enabling Saudi Arabia to export around 4mn b/d of crude oil and 1mn b/d of refined products from its Red Sea coast (MEES, 3 July). But its importance had diminished in recent weeks as more oil has made its way out through the Strait of Hormuz, while the Houthi blockade on Saudi Red Sea shipping since late July had curtailed west coast exports. (CONTINUED - 1081 WORDS)
