Saudi Arabia Resumes East-West Pipeline, Exports to China Expected

Saudi Arabia has restarted its East-West Pipeline and plans to resume crude oil exports from the Red Sea port of Yanbu after a shutdown on September 13. This pipeline typically transports around 4 million barrels per day, representing approximately 4% of global oil supply. Following the resumption, global Brent crude futures dropped more than $2 a barrel to its lowest level since September 8. This resumption is crucial for traders preparing for loadings, as one cargo is set to be bound for China later today.