Latest Oil Market News and Analysis for Sept. 29
Oil rose a second day as uncertainty over progress in US-Iran talks weighed against signs of strong demand and a resumption of flows through a key pipeline from top exporter Saudi Arabia.
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Oil rose a second day as uncertainty over progress in US-Iran talks weighed against signs of strong demand and a resumption of flows through a key pipeline from top exporter Saudi Arabia.
Saudi Arabia has started exporting oil using a key cross-country pipeline after the link was repaired following drone strikes earlier this month, a person with direct knowledge of the matter said.
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.
Saudi Arabia’s nearly trillion-dollar wealth fund, one the world’s biggest sovereign investors, is considering increasing its allocation to fixed income assets and award a mandate to Pacific Investment Management Co.
Asian economies heavily dependent on imported energy are facing an even sharper squeeze after the shutdown of Saudi Arabia’s East-West pipeline removed a key escape route from the disruption in the Strait of Hormuz, deepening an energy shock that has already pushed crude oil above US$100 a barrel. Analysts said the loss of that bypass would hit Asian refiners first before feeding through to inflation, currencies and economic growth across the region. Saudi Arabia, the world’s largest oil...
Saudi Aramco told at least two oil refining customers in Europe that they will be allocated no crude oil next month after the kingdom’s key pipeline to the Red Sea was attacked, people informed of the decision said.
Saudi Arabia is seeking to return about half the capacity of its cross-country oil pipeline within days after the link was halted following drone attacks. Bloomberg's Stuart Livingstone-Wallace has the context. (Source: Bloomberg)
Saudi Arabia is ramping up prompt spot sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom’s East-West pipeline, which halted cross-country flows to its Red Sea coast.
Saudi Arabia has cancelled some oil deliveries to Europe after attacks shut down its export pipeline to the Red Sea.
Brent traded above US$108 on Monday after Saudi Arabia shut its East-West pipeline. Petrobras shares rose, but Vale and the banks pulled the Ibovespa down. The post Oil Prices Pass US$108 After Saudi Pipeline Halt, and Petrobras Rises While the Ibovespa Falls appeared first on The Rio Times.
Oil surged as Saudi Arabia’s closure of a major crude pipeline following attacks jolted the market, with the move disrupting a route that’s been key to bypassing the Strait of Hormuz during the US-Iran war. Bloomberg's Rob Barnett joins to discuss. (Source: Bloomberg)
With global supplies already stretched, the market can ill afford to lose a key Saudi export route.
Asian oil refiners are waiting for clarity on cargoes due to be picked up at Saudi Arabia’s Red Sea port of Yanbu, after the kingdom was forced to close a vital pipeline that serves the terminal following drone attacks.
Oil rose after Saudi Arabia shut a major crude pipeline following attacks, disrupting a route that’s been used to bypass the Strait of Hormuz during the US-Iran war and deepening a global energy crunch.
Saudi Arabia shut its East-West Pipeline as a precaution after multiple attacks, threatening a crucial route for moving crude to the Red Sea while bypassing disruptions in the Strait of Hormuz. Bloomberg Economics' Ziad Daoud says prolonged disruption could tighten global energy supplies further, adding pressure to oil and US diesel prices. (Source: Bloomberg)
Saudi Arabia reported to OPEC that its crude oil production plunged again last month, hitting the lowest since 1990 as renewed hostilities between the US and Iran squeezed the kingdom’s export routes.