Crude oil extends drop near $101 as supply risks ease
Crude settled near $101 a barrel, extending a 3.2% drop, as Saudi Arabia shifts some exports through the Strait of Hormuz and potentially restores damaged East-West pipeline capacity.
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2% drop from the previous session, as Saudi Arabia shifts some crude exports through the Strait of Hormuz to offset the closure of a key pipeline. Saudi Arabia is reportedly making additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman’s Sohar port. Shuttle vessels transport crude through Hormuz before loading tankers waiting outside the strait, reducing their exposure to Iranian attacks. Saudi Arabia also said it could restore around half of the damaged East-West pipeline’s capacity within days and full operations within six weeks.
5 million bpd in August. 4% in August from July as refineries returned from maintenance.