Aramco signals Asian refiners may soon collect crude at Yanbu

  • Aramco officials informally told at least three Asian refiners about possible Yanbu crude pickups.
  • September 10 drone attacks halted loadings after damaging the 750-mile East-West pipeline.
  • Saudi Arabia cut Europe’s October Yanbu loadings while Asian cargo timing remained unspecified.

Saudi Aramco officials have informally told at least three Asian refiners that they may soon be able to collect crude cargoes at Yanbu, the kingdom’s key Red Sea export terminal, Bloomberg reported on Tuesday, citing anonymous traders. Yanbu loadings have been halted since September 10 drone attacks damaged the East-West pipeline, which carries crude from Saudi oilfields to the port and helps bypass the Strait of Hormuz. Saudi Arabia has shifted more shipments through the strait and offered Ras Tanura buyers ship-to-ship transfers at Oman’s Sohar port. Europe has been cut off from October Yanbu loadings, while no timetable has been provided for Asian cargoes. Repairs have been estimated at three to five weeks, with partial operations targeted within days at half the pipeline’s capacity and full capacity targeted in about six weeks. Restoring Yanbu shipments alongside higher Hormuz traffic could reduce supply concerns as refiners seek to maximize runs amid extremely high refining margins, particularly for diesel.

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Aramco signals Asian refiners may soon collect crude at Yanbu - CoinPost Terminal