The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war.
Saudi Arabia has restored full pumping capacity on its East-West Pipeline to about 7 million bopd after damage from attacks last week resulted in a 700,000-bopd loss in throughput, Reuters reported on Sunday.
Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack on Wednesday, Reuters has reported. According to the report, a pumping station along the 1,200 km pipeline was struck by a drone early morning on Wednesday. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day (bpd) to bypass the shuttered Strait of Hormuz
Sadara Chemical Company has temporarily shut down production at its Jubail site due to supply-chain disruptions, subsidiary Sadara Basic Services said in a Tuesday stock market disclosure. Citing “several factors, including ongoing disruption to Sadara’s supply chains,” for the shutdown, Sadara Basic Services said it was unable to provide an estimate for the resumption of […]
Saudi Arabia has ramped up crude shipments from Yanbu export terminals on the Red Sea coast as it diverts supplies away from the Persian Gulf and the Strait of Hormuz, which Iran has kept effectively closed since the end of February.
Saudi oil giant Aramco has restarted operations at the Kingdom’s biggest refinery Ras Tanura, which was shut as a precaution in the early days of the war following a drone strike in the area, a source with knowledge of the situation told Bloomberg on Wednesday.
OPEC’s crude oil production climbed last month as group leader Saudi Arabia bolstered production amid rising regional tensions, a Bloomberg survey showed.
Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route.
Saudi Arabia has started to increase its oil output as part of a contingency plan in the event the United States attacks Iran and oil flows are disrupted, Reuters reported on Wednesday, as OPEC’s biggest oil producer positions itself as a “reliable supplier” looking to take up its traditional role as a key swing producer ready to stabilize the markets if a conflict occurs.
In a statement sent to Rigzone on Monday, Saipem announced that it has been awarded an additional offshore contract in Saudi Arabia under its existing long-term agreement with Aramco.