According to sources, Saudi Arabia has resumed oil loadings from its Red Sea port of Yanbu, restarting its operations at the East-West pipeline that was disrupted by a drone attack by the Houthis, Yemen’s Houthi rebels, earlier this month. The resumption of the operations of the pipeline is set to bolster crude exports from the Middle East, which has been reportedly disrupted due to the U.S.-Iran war.
European Space Agency satellite imagery, for 27th September, captured movement over the Red Sea, showing Saudi Arabia loading nearly 10 million barrels of crude oil at Ras Tanura and Al Muajjiz, a vessel tracking firm wrote on its X handle.
Meanwhile, oil prices surged driven by ongoing qorries over supply disruptions.
Both the global benchmarks closed 1% higher than the previous sessions.
Brent crude futures gained $1.49, or 1.4 percent, to reach $106.77 a barrel as of 03:26 GMT.
US West Texas Intermediate (WTI) crude went up $1.34, or 1.5 percent, to trade at $93.94.
Indian refiners expect Russian oil supplies to tighten further in October and November as Russian exports fall and Chinese buyers compete for cargoes, according to sources.
The shortfall is pushing refiners towards costlier alternatives for the rest of the year, according to the report.Russian oil arrivals to India are set to fall to about 1.75 million barrels per day (bpd) in September, the lowest since April, according to a ship tracking data. Arrivals had already dropped 16.5% in August from July to about 2.1 million bpd, trade data showed, though Russia remained India’s main supplier, ahead of the UAE and Venezuela.