Saudi Arabia loads 14 million barrels of oil as Gulf exports rise

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Riyadh: Saudi Aramco loaded around 14 million barrels of crude onto seven supertankers in the Gulf on Sunday, signalling a partial recovery in the kingdom’s oil exports after an attack disrupted shipments through its East-West Pipeline.

The seven Very Large Crude Carriers were seen near the Ras Tanura oil terminal, according to tanker-tracking data and satellite images reviewed by Reuters.

Saudi Arabia shifted more exports to Gulf terminals after drone attacks forced the East-West Pipeline to close on September 13, stopping crude loadings at Yanbu on the Red Sea. Aramco subsequently cancelled some shipments to European customers while increasing sales to Asian buyers from its eastern ports.

Saudi Gulf crude loadings have averaged about 3.7 million barrels per day since September 12, up from 2.9 million bpd earlier in the month, according to Vortexa. Red Sea loadings had averaged 3.9 million bpd before the disruption.

The increase in shipments raised expectations of greater supply, contributing to a fall in oil prices on Monday, with Brent crude dropping below $100 a barrel for the first time since September 9.